# 2026-00293: Options Trading Hits Grayscale's Crypto ETF: Bet Big?

2026-00293, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing of Proposed Change To Amend Certain Rules To List and Trade Options on the Grayscale CoinDesk Crypto 5 ETF, is a Federal Register notice from Securities and Exchange Commission published 2026-01-12 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2026-00293
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-00293
- Title: Self-Regulatory Organizations; NYSE American LLC; Notice of Filing of Proposed Change To Amend Certain Rules To List and Trade Options on the Grayscale CoinDesk Crypto 5 ETF
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 1222
- Published: 2026-01-12
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Options Trading Hits Grayscale's Crypto ETF: Bet Big?

## Summary

NYSE American wants to let people trade options on the Grayscale CoinDesk Crypto 5 ETF, a new crypto-focused fund. This change means investors can now use options to bet on or protect their crypto ETF shares starting soon. It’s a fresh way to play in the crypto market with more tools and flexibility, potentially shaking up how folks invest in digital assets.

## Effects PRIA read

- Options Now Proposed on GDLC ETF: benefit, medium. The Exchange proposes to list and trade options on the Grayscale CoinDesk Crypto 5 ETF (GDLC). GDLC had approximately $479.7 million in assets under management as of November 21, 2025, and options would be American-style, physically settled and may trade weekly, monthly, quarterly, or as LEAPS.
- 25,000-Contract Position Limit Set: benefit, medium. The Exchange proposes a position and exercise limit of 25,000 contracts on the same side for options on GDLC. The Exchange states this is equivalent to 2,500,000 underlying shares out of 12,007,400 outstanding shares (about 20.82%).
- GDLC Options Excluded from FLEX Trading: cost, low. The Exchange proposes that options on GDLC would not be eligible to trade as FLEX options under Rule 903G(a)(1); the Exchange may submit a separate filing later to permit FLEX trading if appropriate.
- Contract Specs: Strikes and Minimum Increments: benefit, low. Strike price intervals for GDLC options will be $1 when the strike is $200 or less and $5 where the strike is over $200. Where the option price is less than $3.00 the minimum increment will be $0.05, and where $3.00 or higher the minimum increment will be $0.10; the Exchange may also list series un…
- Listed Options Offer Exchange Benefits Over OTC: benefit, medium. The Exchange states that listing GDLC options could move activity from the OTC options market to a listed environment, offering benefits such as more efficient order execution, increased market transparency, and OCC counterparty guarantees.

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2026-00293 on federalregister.gov](https://www.federalregister.gov/documents/2026/01/12/2026-00293/self-regulatory-organizations-nyse-american-llc-notice-of-filing-of-proposed-change-to-amend-certain)
- [2026-00293 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-01-12/pdf/2026-00293.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-00293 (as of 2026-06-08).