SEC Approves First Multi-Crypto Trust Options on U.S. Exchanges
The U.S. Securities and Exchange Commission (SEC) has given the green light for a rule change that permits the listing of options on multi-cryptocurrency trusts. This move expands the range of regulated crypto-linked products available on U.S. exchanges. Investors will now have access to additional tools for managing exposure to digital assets without directly owning tokens.
The Cboe Options Exchange became the first U.S. platform approved to list such options, which can track multiple cryptocurrencies like Bitcoin and Ethereum under strict criteria. Previously, options could only be listed on trusts holding a single crypto asset. The new approval allows options tied to trusts that hold more than one cryptocurrency, provided they meet specific standards.
Each crypto asset in a multi-crypto trust must maintain an average daily market value of at least $700 million over 12 months. Additionally, derivatives based on these assets must trade on markets covered by comprehensive surveillance-sharing agreements. The underlying cryptocurrencies must also have a minimum market capitalisation of $2.5 billion and an average daily trading volume of $250 million over six months, with at least 50% of trading occurring on regulated U.S. exchanges.
Trust shares must comply with existing ETF options standards and be listed as National Market System stocks. The same rules governing traditional ETF options—including margin requirements, position limits, and ongoing compliance—will apply. If an underlying crypto asset fails to meet the required standards, the listing venue retains the right to suspend trading.
The SEC's decision broadens the scope of regulated crypto-related investment and hedging tools within an exchange-monitored framework. It follows the approval of similar products on the Cboe Options Exchange, which set early benchmarks for multi-crypto trusts. The rule change provides investors with a new way to engage with digital assets through regulated, exchange-traded products. It also reinforces oversight by requiring strict trading volume, market surveillance, and compliance standards. The move could encourage further development of crypto-linked financial instruments in the U.S. market.
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