Grayscale, Bitwise and NYSE American ask for rule change to allow options on spot Ethereum ETFs

Quick Take

  • In a filing posted on Wednesday, NYSE American LLC, alongside Grayscale and Bitwise, proposed a rule change to list and trade options on three products — the Bitwise Ethereum ETF, the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust.
  • Comments are the proposed filing are due in 21 days. 

Grayscale and Bitwise are asking regulators to approve options for their spot Ethereum exchange-traded funds, according to a filing on the U.S. Securities and Exchange Commission's site.

In a filing posted on Wednesday, NYSE American LLC, along with Grayscale and Bitwise, proposed a rule change to list and trade options on three products — the Bitwise Ethereum ETF, the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust as well as "any trust that holds ether."

"The Exchange believes that offering options on Ether ETPs, including the Bitwise Ethereum ETF, the Grayscale Ethereum Trust (ETH), and the Grayscale Ethereum Trust Mini, will benefit investors by providing them with an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging vehicle to meet their investment needs in connection with ether products and positions," according to the filing

Comments on the proposal are due in 21 days. 

The SEC approved several spot Ethereum ETFs, including from financial heavyweights BlackRock and Fidelity, in May. Those began trading last month and in its first day of trading on U.S. exchanges, the products generated more than $1.019 billion in cumulative trading volume, according to Yahoo Finance data compiled by The Block Pro Research.

Multiple firms are also looking to trade options on spot bitcoin ETFs but have not yet gotten approval from the SEC. The agency approved 11 spot bitcoin ETFs in January. 


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Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.

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