Cboe Greenlights Options on Baskets of Cryptocurrencies
Published Date: 4/13/2026
Notice
Summary
Cboe Exchange just got the green light to list options on special trusts that hold multiple cryptocurrencies, not just one. This change affects investors and traders by setting clear rules for which crypto-based trusts can be listed and when they can be removed. The new rules kick in soon, making it easier and safer to trade options tied to a basket of crypto assets.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Options on Multi‑Crypto Trusts Approved
The SEC approved Cboe to list options on Commodity-Based Trusts that hold multiple cryptocurrencies as of April 8, 2026. The Exchange may list these options without additional SEC approval once a U.S. exchange lists the underlying trust, giving investors a new way to gain or hedge exposure to baskets of crypto assets.
Each Crypto Must Meet $700M Liquidity Rule
For a Commodity-Based Trust that holds multiple crypto assets to underlie listed options, each crypto asset 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. The Exchange will calculate market value by multiplying total global supply by token price and the requirement applies to each crypto asset in the trust.
Monthly Monitoring Can Trigger Suspensions
The Exchange may suspend opening transactions in options on a Commodity-Based Trust if any crypto asset in the trust no longer meets the $700,000,000 average daily market value over the last 12 months or no longer underlies a derivatives contract on a market with a comprehensive surveillance sharing agreement; the Exchange assesses the $700 million criterion monthly. That means options can be halted if the trust’s component crypto assets fail the monthly test.
Multi‑Crypto Options Trade Under Standard Rules
Options on these Commodity-Based Trust shares will trade under the Exchange's existing Unit options rules, including permissible expirations, strike prices, minimum increments, position and exercise limits, and margin requirements. The Exchange also states it has systems capacity and existing surveillance/reporting safeguards for these listings.
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