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2025-06552 — 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 Ethereum Trust, the Grayscale Ethereum Mini Trust, and the Bitwise Ethereum ETF
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April 17, 2025
Type:Notice
Citation:90 FR 16194
Reading Time:about 41 minutes
MIAX Sapphire, LLC has filed a proposed rule change with the Securities and Exchange Commission (SEC) to allow trading options on the Grayscale Ethereum Trust, Grayscale Ethereum Mini Trust, and Bitwise Ethereum ETF. These funds, also called Ether Funds, allow investors to track ether's performance without dealing with the complexities of ether delivery. Options on Ether Funds will be physically settled and subject to specific trading rules. The rule change aims to offer investors a lower-cost tool to manage investments linked to ether and promote trading transparency.
Simple Explanation
The stock exchange wants to let people buy and sell special "bets" on how well a type of money called ether does without needing to actually own it. This makes it easier for people to trade and manage their money.
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.
2025-02822 — Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Pricing Schedule at Options 7, Section 1 Regarding Unrelated Interest Pricing and Options 7, Section 3 Regarding Fees and Rebates for Regular Orders
February 20, 2025
Type:Notice
Citation:90 FR 10023
Reading Time:about 3 minutes
Nasdaq MRX, LLC filed a new rule change with the Securities and Exchange Commission (SEC) to amend its pricing schedule concerning options trading. The proposed changes include adopting new rebates for Penny Symbol Makers, adjusting fees for Penny Symbol Takers, removing discounts on those fees, and changing the volume requirements for qualifying tiers. The SEC is inviting public comments on these changes until March 13, 2025, and the amendments are designed to take effect immediately. This notice ensures transparency and compliance with regulatory processes.
Simple Explanation
Nasdaq MRX wants to change some of the prices for buying and selling options and is asking people if they have any thoughts about this until March 13, 2025. They haven't explained clearly why they're making these changes or who might be affected by them.

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