Federal Register #SR-MIAX-2026-13, SR-PEARL-2026-15, SR-SAPPHIRE-2026-13

SEC Approves Rule Changes for Options on Multi-Asset Crypto Trusts

This opportunity involves the Securities and Exchange Commission (SEC) approving rule changes for options trading on Commodity-Based Trusts holding multiple crypto assets. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Miami International Securities Exchange, LLC - MIAX PEARL, LLC - MIAX Sapphire, LLC - Products/Services Requested: - Rule changes to allow listing and trading of options on Commodity-Based Trusts holding multiple crypto assets - Applies to trusts where each crypto asset: - Has an average daily market value of at least $700 million over the last 12 months - Underlies a derivatives contract traded on a market with a comprehensive surveillance sharing agreement with the exchange - Unique/Notable Requirements: - Options must comply with existing ETF rules, including listing standards, trading procedures, and surveillance measures - Surveillance and reporting safeguards are required to deter and detect manipulation - Rule changes enable exchanges to list these options without further SEC approval - Applies to funds such as iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Grayscale Bitcoin Trust (BTC), Grayscale Bitcoin Mini Trust BTC, and Bitwise Bitcoin ETF - No specific products or services are being procured; this is a regulatory approval impacting exchange operations and investor access to crypto asset options

Description

The Securities and Exchange Commission approved proposed rule changes by Miami International Securities Exchange, LLC, MIAX PEARL, LLC, and MIAX Sapphire, LLC to adopt listing criteria for options on Commodity-Based Trusts that hold multiple crypto assets. The rule changes allow these exchanges to list and trade options on such trusts without additional SEC approval, provided each crypto asset meets specific liquidity and derivatives trading criteria. The options will be subject to existing exchange rules for ETFs, including listing standards, trading procedures, and surveillance measures to prevent manipulation. This approval facilitates investor access to options on diversified crypto asset trusts, enhancing market mechanisms for exposure and hedging.

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