SEC Approves IEX to List Options on Crypto Trusts

The Securities and Exchange Commission (SEC) has approved a rule change that allows IEX to list options on commodity-based trusts holding Bitcoin and other crypto assets. This new rule went into effect immediately, coinciding with the launch of IEX's new options venue, IEX Options.

IEX submitted its proposal for the rule change on September 22, 2026, which aligns the exchange's position and exercise limits for IBIT options with those already in force on other options exchanges. The $700 million threshold for each underlying asset is measured as total global supply multiplied by token price, using prices drawn from public sources such as CoinGecko or CoinMarketCap.

The SEC waived the usual 30-day operative delay because it raised no new legal or regulatory questions. IEX's crypto-trust criteria are substantively identical to standards already approved for other exchanges like ISE, MEMX, MIAX, BOX, PHLX, NYSE American, and NYSE Arca.

The change adds another U.S. venue for options on spot Bitcoin and Ether funds, which have become among the most heavily traded crypto products in the United States. Options give traders a cheaper way to hedge exposure to those funds, and this move comes at a time when exchange-traded crypto products are drawing more regulatory attention.