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MIAX Sapphire, LLC proposed a rule change to amend its Exchange Rule 402, allowing the listing and trading of options on two bitcoin-backed exchange-traded funds (ETFs): the Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF. The change is in response to similar approvals by other exchanges like Cboe and aims to provide investors with a cost-effective alternative for trading bitcoin-related products in a regulated environment. The proposal includes specific listing standards and surveillance measures to ensure fair trading and prevent manipulation, and it will operate under existing rules already applied to other ETFs.

The Cboe BZX Exchange has proposed a rule change to allow the listing and trading of options on shares of the Fidelity Ethereum Fund, an Ethereum-backed commodity ETF. This rule change aims to provide investors with a cost-effective investment tool for gaining exposure to Ethereum prices and positions, without dealing with the complexities of Ethereum delivery. The Exchange believes this will increase market transparency and improve price discovery while offering investors a regulated environment to trade these options. The proposed options would have American-style settlement and conform to existing Exchange rules, including position and exercise limits of 25,000 contracts.