Crypto Trust Options Get New Listing Standards
Published Date: 6/9/2026
Notice
Summary
MEMX is updating its rules to allow options trading on special funds that hold lots of different cryptocurrencies. This change affects investors and traders interested in crypto options, setting clear rules for when these options can be listed or removed. The new rules could start soon and aim to make crypto options trading safer and more organized.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
Options Allowed on Multi‑Crypto ETFs
MEMX proposes to allow listing and trading of options on Commodity‑Based Trust shares (ETFs) that hold multiple crypto assets, subject to the Exchange's listing and continued listing rules. The Exchange says these options would trade the same way as other ETF options and would give investors a listed market alternative to OTC options for hedging crypto exposure.
Each Crypto Must Meet $700M Market Test
For an ETF that holds multiple crypto assets to qualify for options, each crypto asset must have a total global supply with an average daily market value of at least $700,000,000 over the prior 12 months. The Exchange will calculate market value as total issued supply multiplied by the token price and may obtain supply data from public sources such as CoinGecko or CoinMarketCap.
Monthly and Daily Continued Listing Checks
MEMX would monitor the $700 million average daily market value requirement monthly and the derivatives‑market/surveillance requirement daily; if an asset no longer meets these requirements the Exchange may stop opening new option series or delist options. The Exchange may also suspend open transactions if it deems further dealing inadvisable.
Must Have Derivatives Market & Surveillance
Each crypto asset held by the ETF must underlie a derivatives contract that trades on a market with which MEMX has a comprehensive surveillance sharing agreement (including via Intermarket Surveillance Group membership). The Exchange cites existing surveillance relationships (for example, with CME and Coinbase Derivatives) and says this requirement will be checked continuously.
Listed Options Follow Existing ETF Option Rules
Options on qualifying multi‑crypto ETFs would be subject to the Exchange's usual ETF option rules — expirations (including weekly, monthly, quarterly, and long‑term 12–39 month series), strike intervals ($1 or greater for strikes ≤ $200, $5 or greater for strikes > $200), minimum increments (e.g., $0.05 if price < $3.00, $0.10 if ≥ $3.00), and position/exercise limits (up to 250,000 contracts for the largest funds).
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Department and Agencies
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