Sapphire Sets Stage for Diverse Crypto Options on Exchange
Published Date: 4/16/2026
Notice
Summary
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.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 0 costs, 1 mixed.
Options Allowed on Multi‑Crypto Trusts
MIAX Sapphire proposes to allow listing and trading of options on Commodity-Based Trusts that hold multiple crypto assets (not just a single crypto asset) once the initial listing criteria are met. The change was filed March 30, 2026, and the Commission will act within the timelines in the notice; trading could begin soon after SEC approval.
$700M Market‑Value Test Per Crypto
For each crypto asset held in a Commodity-Based Trust, the Exchange requires an average daily market value of at least $700 million over the last 12 months. The Exchange calculates market value as the total global supply of the crypto asset multiplied by the token price.
Derivatives Surveillance Requirement
Each crypto asset in a Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement (including via common ISG membership). The Exchange cites examples like CME and Coinbase Derivatives as ISG members.
Monthly/Daily Continued‑Listing Checks
Options on Commodity-Based Trusts must continue to meet the $700 million average daily market value test on a monthly basis and the derivatives/surveillance requirement on a daily basis; the Exchange may delist or suspend options if these criteria are no longer met. The Exchange may also delist options or suspend open transactions if it determines further dealing is inadvisable.
ETF‑Style Trading Rules Apply
Options on qualifying Commodity-Based Trusts will trade under the Exchange's existing ETF option rules: at least one expiration month must be opened; weekly, monthly, quarterly, and LEAPS (12–39 months) series may be listed; position and exercise limits (up to 250,000 contracts for the largest ETFs) apply; and minimum option increments are $0.05 for series under $3.00 and $0.10 for series $3.00 or higher.
Surveillance & Systems Capacity Stated
The Exchange represents it has surveillance procedures and the systems capacity (including OPRA capacity) to support the listing and trading of additional ETF option series, and notes existing surveillance sharing agreements (e.g., via ISG with CME and Coinbase Derivatives).
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Key Dates
Department and Agencies
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