SEC Greenlights Crypto Trust Options for Nasdaq Traders
Published Date: 3/27/2026
Notice
Summary
The SEC just gave the green light to Nasdaq ISE to list options on special trusts that hold multiple cryptocurrencies. This means investors can now trade options on these crypto-based funds with clear rules starting soon. It’s a big step for crypto investing, opening new ways to play the market with potentially more money moves and opportunities.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Options on Multi‑Crypto Trusts Approved
The SEC approved Nasdaq ISE's rule allowing the Exchange to list and trade options on Commodity-Based Trusts that hold multiple crypto assets. This approval permits ISE to list these options without further Commission approval, enabling investors to trade and hedge using options tied to multi-crypto trust shares.
$700M Liquidity Test for Each Crypto Asset
Each crypto asset held by a Commodity-Based Trust must have an average daily market value of at least $700,000,000 over the last 12 months and must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement (directly or via ISG).
Monthly Review Can Suspend New Trading
The Exchange may suspend opening transactions in options on a Commodity-Based Trust if any crypto asset held by the trust (A) no longer has an average daily market value of at least $700,000,000 over the last 12 months (determined monthly) or (B) no longer underlies a derivatives contract trading on a market with a comprehensive surveillance sharing agreement.
ETF Options Rules Apply to These Options
Options on Commodity-Based Trust shares will be subject to the Exchange's existing initial and continued listing standards and ETF-options rules, including rules on expirations, exercise prices, minimum increments, position and exercise limits, margin requirements, customer accounts, and trading halt procedures.
Surveillance and Systems Capacity Assured
The Exchange represents that the same surveillance procedures applicable to ETF options will apply to these options and that both the Exchange and OPRA have the systems capacity to handle the additional traffic associated with listing the proposed options on Commodity-Based Trust shares.
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