A rule change for Investors Exchange became operative on October 2, giving IEX a framework to list options on qualifying exchange-traded trusts that hold one or more crypto assets. The Securities and Exchange Commission’s notice also establishes position and exercise limits for options on BlackRock’s iShares Bitcoin Trust ETF, known by its ticker IBIT.
The regulatory document is a notice of an exchange rule filing, not an SEC endorsement of Bitcoin, Ether or any investment product. IEX filed the change on September 22 and classified it as non-controversial. The SEC waived the usual 30-day delay, making the rules operative upon filing while retaining authority to suspend the change within 60 days.
Which trusts can qualify
The generic standard does not make every crypto fund eligible. Each crypto asset held by a qualifying commodity-based trust must have had an average daily global market value of at least $700 million during the prior 12 months. IEX describes market value as the asset’s total global supply multiplied by its price, using public pricing sources.
There is a second gate. Each underlying asset must support a derivatives contract traded on a market covered by a comprehensive surveillance-sharing agreement with IEX, either directly or through common membership in the Intermarket Surveillance Group. The exchange says it will check the market-value condition monthly and the surveillance condition continuously. Options can be withdrawn from listing if the trust no longer meets the standard.
Those requirements are listing criteria for options on shares of a trust. They do not approve a new spot fund, guarantee that IEX will list every eligible product or remove the risks associated with options. The filing says the framework is substantially identical to standards already adopted by several other options exchanges.
IBIT receives a specific limit
IEX also set a position limit of 1 million IBIT option contracts on the same side of the market, with the corresponding exercise limit tied to that figure. Without the amendment, the exchange said IBIT options would have been subject to a 250,000-contract limit under its general rule.
The filing supports the larger figure with comparisons to IBIT’s market capitalization and trading volume, as well as analysis previously used by another options exchange. Position limits are meant to constrain the concentration that one market participant may control; they are not forecasts of demand or trading volume.
Effective now, but still open to review
The SEC notice says IEX Options had announced plans to begin trading on October 2. Its waiver allowed this rule package to operate on that date. The Commission nevertheless invited public comments under file number SR-IEX-2026-34 and can temporarily suspend the change during the stated 60-day window if it considers that necessary for investor protection or the public interest.
For market participants, the practical change is venue-specific: IEX now has rules for determining which crypto-trust options it may list and how large an IBIT options position may be. Whether a particular contract is available, liquid or suitable remains a separate question.
Adapted from IEX Launches Options Trading, Files to List Bitcoin ETF Options.