MIAX Unlocks Options Trading on Baskets of Wild Cryptocurrencies
Published Date: 4/16/2026
Notice
Summary
MIAX is updating its rules to allow options trading on special trusts that hold lots of different cryptocurrencies. This change affects investors and traders interested in crypto-based options, making it easier to list and remove these options on the exchange. The new rules kick in soon and aim to keep trading fair and clear while opening fresh opportunities in the crypto options market.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
Options Allowed on Multi‑Crypto Trusts
MIAX proposes to allow listing and trading of options on Commodity‑Based Trusts that hold multiple crypto assets (not just a single crypto asset). If the trust meets the Exchange's listing criteria and the primary market’s generic listing standards, MIAX could list options on that trust without needing additional Commission approvals.
Per‑Crypto $700M Market‑Value Threshold
For a trust that holds multiple crypto assets to qualify, the Exchange requires that the total global supply of each underlying crypto asset have an average daily market value of at least $700,000,000 over the last 12 months. The Exchange will calculate market value as total global supply multiplied by the token price, and total supply counts only currently issued tokens.
Ongoing Tests: Monthly and Daily Monitoring
The Exchange would monitor continued eligibility: the $700,000,000 average daily market value test would be checked monthly and the requirement that each crypto asset underlie a derivatives contract with a comprehensive surveillance sharing agreement would be checked daily (continuous). If these criteria are no longer met, the Exchange may stop opening new option series or delist options for that trust.
Same Trading Rules as Other ETF Options
Options on qualifying Commodity‑Based Trusts would trade under the same Exchange rules as other ETF options: the Exchange may list weekly, monthly, quarterly, and LEAPS expirations; strike price intervals and minimum increments follow existing Rule 404 and Rule 510 (for example, minimum increments of $0.05 when option price is under $3.00 and $0.10 at $3.00 or higher); and position/exercise limits and margin rules apply as they do to other ETF options.
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Key Dates
Department and Agencies
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