The Securities and Exchange Commission has announced that MIAX PEARL, LLC (“MIAX Pearl”) filed a proposal to allow options trading on the VanEck Bitcoin Trust, which is a bitcoin-backed exchange-traded fund (ETF). This proposed rule change would amend the exchange's current rules to include this trust, following a similar proposal made by Cboe Exchange, Inc. The filing claims that offering options on the VanEck Bitcoin Trust will provide investors with an affordable and transparent way to gain exposure to Bitcoin. The SEC is inviting public comments on the proposed rule change before making a final decision.
Simple Explanation
MIAX PEARL wants to let people trade special bets, called options, on a fund that holds Bitcoin, and they need permission from the people in charge of money rules to do so. This could help people buy Bitcoin in a new way that's easier to understand and cheaper.