The U.S. Securities and Exchange Commission (SEC) on April 1 issued Release No. 34-105133, approving a rule change by NYSE American LLC. The decision removes the previous restriction that only permitted options on single-crypto-asset commodity trusts, formally allowing options on exchange-traded funds (ETFs) that hold multiple crypto assets.
Breaking the Single-Coin Limit: Portfolio Options Now Allowed
Under the old Exchange Rule 915, the SEC only allowed options on trusts holding a single digital asset, such as spot Bitcoin or Ethereum ETFs. With the rise of diversified crypto investment products, the market has demanded index-style instruments. The SR-NYSEAMER-2026-11 amendment now authorizes NYSE American to list options on trusts that hold a basket of cryptocurrencies, including dual-asset funds like BTC+ETH and broader multi-coin index ETFs.
Strict Listing Conditions: Liquidity and Surveillance
To mitigate manipulation and volatility risks, the SEC imposed rigorous conditions. Every crypto asset in the trust must individually meet two criteria: 1) an average daily global trading volume of at least $700 million over the past 12 months; 2) the asset must have a derivatives market (e.g., futures) that operates under a comprehensive surveillance sharing agreement with NYSE American, or be a member of the Intermarket Surveillance Group (ISG), as is the case with CME Bitcoin and Ethereum futures.
Macro Impact: Paving the Way for Multi-Asset Crypto Derivatives
As Wall Street institutions deepen their embrace of digital assets, asset managers are actively designing hybrid trusts that combine multiple mainstream coins. Options—essential tools for hedging and yield enhancement (e.g., covered calls)—now have a clear regulatory path. This approval is expected to boost institutional appetite for multi-crypto ETFs and deepen the integration of crypto pricing and liquidity into traditional finance. Market participants are watching for rapid launches of new mixed ETFs by major issuers.