The Miami International Securities Exchange, LLC (MIAX) has proposed a rule change to allow the listing and trading of options on the VanEck Bitcoin Trust. This proposal seeks to amend several exchange rules and set position and exercise limits for these options at 25,000 contracts. The goal is to offer options on the Trust that provide investors with a lower-cost method to gain exposure to Bitcoin and to do so within a regulated market environment. The Securities and Exchange Commission (SEC) is inviting public comments on this proposal to evaluate its consistency with the relevant securities laws.
Simple Explanation
The Miami International Securities Exchange wants to let people trade special bets, called options, based on a Bitcoin trust, which is a way to invest in Bitcoin. They are working with the SEC to ensure these bets follow the rules, and they want people to share their thoughts on this idea.