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2024-30779 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 19.3, Criteria for Underlying Securities, To List and Trade Options on the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, and the Bitwise Bitcoin ETF
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December 26, 2024
Type:Notice
Citation:89 FR 105143
Reading Time:about 46 minutes
The Securities and Exchange Commission (SEC) announced that MEMX LLC, a self-regulatory organization, proposed a rule change to allow the listing and trading of options on several Bitcoin-related funds, namely the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, and the Bitwise Bitcoin ETF. This proposal aims to give investors an additional tool to gain exposure to Bitcoin's price movements within regulated markets, offering options priced competitively against spot Bitcoin. The proposed options will adhere to existing rules regarding listing criteria, trading, and position limits, and MEMX believes these options can increase market transparency and efficiency. The SEC is seeking comments from the public regarding this proposed rule change.
Simple Explanation
Imagine a group of companies wants to let people buy and sell special "tickets" that let them make guesses on whether the value of a kind of magic internet money called Bitcoin will go up or down. These companies need permission from a big boss named the SEC, who makes sure everything is safe and fair. They're now asking public opinion about this plan to make sure it's a good idea for everyone.
2024-28115 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, To List and Trade Options on the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, and the Bitwise Bitcoin ETF
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December 02, 2024
Type:Notice
Citation:89 FR 95328
Reading Time:about 59 minutes
The Securities and Exchange Commission (SEC) released a notice about a rule change filed by MIAX Sapphire, LLC, aiming to allow the listing and trading of options on Bitcoin-related exchange-traded products (ETPs), such as the Grayscale Bitcoin Trust and Bitwise Bitcoin ETF. This move is seen as beneficial for investors by providing a lower-cost way to manage risk associated with Bitcoin. The proposal establishes a limit of 25,000 contracts for options to prevent market manipulation and ensure investor protection. Options on these Bitcoin Funds will only be available once proper systems are in place to monitor and manage the trading activity.
Simple Explanation
The SEC is letting people trade options, which are special financial agreements, on certain Bitcoin funds. This helps them handle money risks better, but they will only allow a limited number to keep things safe and fair.
2024-28109 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 3120 (Position Limits) and 5020 (Criteria for Underlying Securities) To Permit Options Trading on Bitcoin Funds
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December 02, 2024
Type:Notice
Citation:89 FR 95339
Reading Time:about 36 minutes
The Securities and Exchange Commission (SEC) announced that the BOX Exchange LLC filed a proposed rule change to allow options trading on Bitcoin Funds, including the Grayscale Bitcoin Trust and Bitwise Bitcoin ETF. This proposal, effective immediately, aligns with a similar rule change recently approved for another exchange, NYSE American. The BOX Exchange argues that offering Bitcoin Fund options will provide investors with cost-efficient investment tools and improved market transparency. The regulatory filing outlines the rules and safeguards, including position limits and surveillance measures, to ensure fair and transparent trading.
Simple Explanation
The document says that a group called the SEC is allowing a place where people buy and sell things, called the BOX Exchange, to let people trade special kinds of bets called options on something like imaginary coins called Bitcoin. This, they say, is to help people have new ways to invest their money.
2025-02943 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rules Regarding the Position and Exercise Limits for Options on the Grayscale Bitcoin Mini Trust BTC and the Bitwise Bitcoin ETF and To Permit Flexible Exchange Options on the Grayscale Bitcoin Mini Trust BTC and the Bitwise Bitcoin ETF
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February 24, 2025
Type:Notice
Citation:90 FR 10518
Reading Time:about 35 minutes
The New York Stock Exchange Arca (NYSE Arca) has proposed a rule change to increase the position and exercise limits for options on the Grayscale Bitcoin Mini Trust BTC and the Bitwise Bitcoin ETF from 25,000 contracts to 250,000 contracts. This change aims to make market trading more competitive and flexible by allowing more trades and reducing reliance on over-the-counter markets. The proposal also seeks to permit flexible options (FLEX) trading on these bitcoin-related funds, which currently aren't available for FLEX trading. The Securities and Exchange Commission (SEC) is inviting comments on this proposed change to assess its impact on trading and investor protection.
Simple Explanation
The NYSE Arca wants to change the rules so people can buy and sell a lot more of special "options" for bitcoin funds, making trading easier. This change would help big traders swap more easily, but there might be some worry that it could make things harder for small traders and make the trading game a bit trickier.

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