PEARL Exchange Greenlights Multi-Crypto Trust Options Listings
Published Date: 4/16/2026
Notice
Summary
MIAX PEARL 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 and sets clear rules for when these options can be listed or removed. The new rules could start soon after approval, making crypto options more accessible and better regulated.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Options on Multi‑Crypto Trusts Allowed
The Exchange proposes to allow listing and trading of options on Commodity-Based Trusts that hold multiple crypto assets (not just a single crypto). If an ETF that holds multiple crypto assets meets the Exchange's listing rules, the Exchange could list options on that ETF in the same manner as options on other ETFs.
Per‑Asset $700M Market Cap Requirement
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 (calculated as total supply × token price) for options on that Trust to be listed. The Exchange will obtain supply data from public sources (for example, coinmarketcap.com or coingecko.com).
Ongoing Monthly/Daily Compliance Checks
For options already listed on Commodity-Based Trusts, the Exchange would verify the $700,000,000 average daily market value test on a monthly basis and the derivatives-surveillance requirement on a daily basis. If these criteria are not met, the Exchange may stop opening new series and could delist or suspend options.
Derivatives Market Surveillance Requirement
Each crypto asset held by the Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance-sharing agreement (directly or via ISG) before options on that Trust may be listed. The Exchange requires this surveillance linkage to be in place prior to listing.
Options Subject to Standard ETF Rules
Options on qualifying Commodity-Based Trusts would trade under the Exchange's existing ETF option rules (expirations, strike intervals, minimum increments, position and exercise limits, and margin requirements). For example, the largest ETFs can have position and exercise limits of 250,000 contracts on the same side of the market.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-07351 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, and Exchange Rule 403, Withdrawal of Approval of Underlying Securities, To Establish Listing Criteria and Withdrawal Standards for Options on Commodity-Based Trusts Holding Multiple Crypto Assets
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.
Next: 2026-07353 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, and Exchange Rule 403, Withdrawal of Approval of Underlying Securities, To Establish Listing Criteria and Withdrawal Standards for Options on Commodity-Based Trusts Holding Multiple Crypto Assets
MIAX Sapphire 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 and sets clear rules for adding or removing these options. The new rules could start soon after approval, making crypto options more accessible and better regulated.