Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 307, Position Limits, and Rule 309, Exercise Limits, Regarding Position and Exercise Limits on Options Overlying Certain Crypto Assets
Published Date: 2/3/2026
Notice
Summary
MIAX is updating its rules to set new limits on how many options traders can hold or exercise for certain crypto-related ETFs, like Bitcoin and Ethereum funds. This change affects anyone trading these crypto options on MIAX and aims to keep the market fair and balanced. The new rules take effect immediately, so traders should watch their positions to avoid surprises.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
25,000-Contract Cap Removed for Crypto Options
If you trade options on MIAX for these crypto-linked funds (Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), VanEck Bitcoin ETF (HODL), Fidelity Ethereum Fund, iShares Ethereum Fund, Bitwise Ethereum ETF, Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust), the Exchange proposes to remove the 25,000-contract position and exercise limits. As filed on January 28, 2026 and made operative upon filing, those crypto options will instead be subject to MIAX's standard position and exercise limits under Rules 307 and 309. You should monitor positions on MIAX for these specific crypto options to avoid surprises from the rule change.
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