MIAX Exchange Joins Growing List of Platforms Offering Bitcoin ETF Options

The MIAX Sapphire Options Exchange has become the latest platform to list options on Bitcoin exchange-traded funds (ETFs), a move that positions it alongside major players like Nasdaq and the New York Stock Exchange (NYSE). This step follows regulatory approval from the U.S. Securities and Exchange Commission (SEC) and other key agencies, signaling a growing acceptance of cryptocurrency-based financial products in mainstream trading.

In a regulatory filing dated November 25, MIAX announced that it will begin listing options on three Bitcoin ETFs: the Grayscale Bitcoin Trust (GBTC), the Grayscale Bitcoin Mini Trust (BTC), and the Bitwise Bitcoin ETF (BITB). This rule change allows the exchange to expand its offerings beyond traditional commodity ETFs, such as those linked to gold, silver, and platinum.

With the addition of MIAX Sapphire, the number of exchanges providing options on spot Bitcoin ETFs continues to rise. Earlier this year, the SEC approved Nasdaq’s request to list options on the iShares Bitcoin Trust ETF (IBIT), marking the first time the agency had authorized options trading on spot Bitcoin ETFs in the United States. Following this, the NYSE and Cboe received similar approvals in October.

November saw another milestone in the development of Bitcoin ETF options as the Commodity Futures Trading Commission (CFTC) and the Options Clearing Corporation (OCC) also granted their approval. With this final regulatory clearance in place, exchanges were free to list these financial products.

The approval process culminated on November 18, when options contracts on BlackRock’s IBIT ETF were listed. On the very first day, nearly $2 billion in total exposure was recorded, highlighting strong market interest in these new products. This surge in trading volume signals significant institutional demand for Bitcoin ETF options, and many believe it could drive further adoption of cryptocurrencies in traditional financial markets.

The launch of Bitcoin ETF options on regulated exchanges has been heralded as a “monumental advancement” in the cryptocurrency sector. Experts, such as Jeff Park, Head of Alpha Strategies at Bitwise Investments, have emphasized the potential of these financial products to unlock substantial upside for Bitcoin holders and investors. Park also noted that these developments create “extremely compelling opportunities” for both institutional and retail investors.

The success of spot Bitcoin ETFs, which launched in January and quickly surpassed $100 billion in net assets by November, has laid the foundation for the rapid growth of Bitcoin-related financial products. As more exchanges join the movement, the market for Bitcoin ETF options is expected to expand, providing new avenues for traders and investors looking to capitalize on the volatility and potential of Bitcoin.

The increasing availability of regulated Bitcoin ETFs and options represents a significant step toward integrating cryptocurrencies into the broader financial system. As institutional investors gain greater access to these products, the landscape for cryptocurrency investment continues to evolve, offering new opportunities and risks for market participants.