[Federal Register Volume 91, Number 22 (Tuesday, February 3, 2026)]
[Notices]
[Pages 5000-5003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-02115]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104738; File No. SR-MIAX-2026-04]
Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Rule 307, Position Limits, and Rule 309,
Exercise Limits, Regarding Position and Exercise Limits on Options
Overlying Certain Crypto Assets
January 29, 2026.
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on January 28, 2026, Miami International
Securities Exchange, LLC (``MIAX'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit
[[Page 5001]]
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Exchange Rule 307, Position Limits,
and Exchange Rule 309, Exercise Limits in connection with the following
options overlying Exchange-Traded Fund Shares: Fidelity Wise Origin
Bitcoin Fund (``FBTC''), ARK 21Shares Bitcoin ETF (``ARKB''), VanEck
Bitcoin ETF (``HODL''), Fidelity Ethereum Fund, iShares Ethereum
Fund,\3\ Bitwise Ethereum ETF, Grayscale Ethereum Trust, Grayscale
Ethereum Mini Trust.
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\3\ In Exchange Rules 307 and 309, the Exchange refers to the
iShares Ethereum Trust ETF as the iShares Ethereum Fund.
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The text of the proposed rule change is available on the Exchange's
website at https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings and at MIAX's principal office.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Exchange Rule 307, Position Limits,
and Exchange Rule 309, Exercise Limits,\4\ in connection with the
following options overlying Exchange-Traded Fund Shares: Fidelity Wise
Origin Bitcoin Fund (``FBTC''), ARK 21Shares Bitcoin ETF (``ARKB''),
VanEck Bitcoin ETF (``HODL''), Fidelity Ethereum Fund, iShares Ethereum
Fund, Bitwise Ethereum ETF, Grayscale Ethereum Trust, Grayscale
Ethereum Mini Trust (collectively ``the Crypto Assets''). This is a
filing based on a similar proposal submitted by Nasdaq ISE, LLC
(``ISE'') and noticed by the Securities and Exchange Commission
(``Commission'').\5\
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\4\ The Exchange notes that all the rules of Chapter III of
MIAX, including Rules 307 and 309, are incorporated by reference
into the rulebooks of MIAX Emerald, LLC, MIAX Pearl, LLC and MIAX
Sapphire, LLC.
\5\ See Securities Exchange Act Release No. 104648 (January 7,
2026) (SR-ISE-2026-01) (Self-Regulatory Organizations; Nasdaq ISE,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change to Remove Restrictions on Certain Crypto Assets) (``ISE
Filing'').
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Background
In November 2024, the Exchange filed a proposal which was noticed
for immediate effectiveness by the Commission to list and trade options
on Fidelity Wise Origin Bitcoin Fund (``FBTC'') and ARK 21Shares
Bitcoin ETF (``ARKB'').\6\ On July 30, 2025, the Exchange filed to
allow the Exchange to list and trade options on the VanEck Bitcoin ETF
(``HODL'').\7\ In April 2025, the Exchange filed a proposal which was
noticed for immediate effectiveness by the Commission to list options
on the Fidelity Ethereum Fund,\8\ the iShares Ethereum Fund,\9\ and the
Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and the
Bitwise Ethereum ETF.\10\ These aforementioned notices permitted the
Exchange to trade the Crypto Assets subject to a 25,000 contract
position and exercise limit.
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\6\ See Securities Exchange Act Release No. 101717 (November 21,
2024), 89 FR 94828 (November 29, 2024) (SR-MIAX-2024-43) (Self-
Regulatory Organizations; MIAX Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 402, Criteria for Underlying Securities, Exchange Rule 307,
Position Limits, and Exchange Rule 309, Exercise Limits To Allow the
Exchange To List and Trade Options on the Fidelity Wise Origin
Bitcoin Fund and the ARK 21Shares Bitcoin ETF).
\7\ See Securities Exchange Act Release No. 103612 (July 30,
2025), 90 FR 37578 (August 5, 2025) (SR-MIAX-2025-36) (Self-
Regulatory Organizations; Miami International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Amend Exchange Rule 402, Criteria for Underlying
Securities, Exchange Rule 307, Position Limits, and Exchange Rule
309, Exercise Limits To Allow the Exchange To List and Trade Options
on the VanEck Bitcoin Trust).
\8\ See Securities Exchange Act Release No. 102821 (April 9,
2025), 90 FR 16339 (April 17, 2025) (SR-MIAX-2025-20) (Self-
Regulatory Organizations; Miami International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Amend Exchange Rule 402, Criteria for Underlying
Securities, Exchange Rule 307, Position Limits, and Exchange Rule
309, Exercise Limits To Allow the Exchange To List and Trade Options
on the Fidelity Ethereum Fund).
\9\ See Securities Exchange Act Release No. 102832 (April 10,
2025), 90 FR 16380 (April 17, 2025) (SR-MIAX-2025-19) (Self-
Regulatory Organizations; Miami International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Amend Exchange Rule 402, Criteria for Underlying
Securities, Exchange Rule 307, Position Limits, and Exchange Rule
309, Exercise Limits To Allow the Exchange To List and Trade Options
on the iShares Ethereum Trust).
\10\ See Securities Exchange Act Release No. 102846 (April 11,
2025), 90 FR 16272 (April 17, 2025)(SR-MIAX-2025-21) (Self-
Regulatory Organizations; Miami International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change to Amend Exchange Rule 402, Criteria for Underlying
Securities, Exchange Rule 307, Position Limits, and Exchange Rule
309, Exercise Limits To Allow the Exchange to List and Trade Options
on the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust,
and the Bitwise Ethereum ETF).
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In August 2025, the Exchange filed a proposal which was noticed for
immediate effectiveness by the Commission to amend the position and
exercise limits for options on the iShares Bitcoin Trust ETF,\11\
Grayscale Bitcoin Trust ETF (``GBTC''), Grayscale Bitcoin Mini Trust
ETF (``BTC''), and the Bitwise Bitcoin ETF (``BITB'') \12\ to eliminate
the 25,000 contract position and exercise limits. On November 14, 2025,
the Exchange's proposal to permit certain options on Exchange-Traded
Fund Shares that meet certain generic requirements to be listed as a
Commodity-Based Trust was deemed approved.\13\ As amended, Exchange
Rule 402(i)(6) specifies that the Exchange may list and trade options
on a Commodity-Based Trust that meets the generic listing standards for
Commodity-Based Trust Shares of the applicable primary listing market,
except that the Commodity-Based Trust holds a single crypto asset.
Further, a Commodity-Based Trust that meets the requirements of
Exchange Rule 402(i)(6) must also satisfy the following requirements:
(A) the total global supply
[[Page 5002]]
of the underlying crypto asset held by the Commodity-Based Trust has an
average daily market value of at least $700 million over the last 12
months; and (B) the crypto asset held by the Commodity-Based Trust
underlies a derivatives contract that trades on a market with which the
Exchange has a comprehensive surveillance sharing agreement, whether
directly or through common membership in the Intermarket Surveillance
Group. Position and exercise limits for options on Commodity-Based
Trusts that list and trade pursuant to Exchange Rule 402(i)(6) would be
determined pursuant to Exchange Rules 307 and 309, respectively, as is
the case for other options on other ETFs.
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\11\ See Securities Exchange Act Release No. 103644 (August 5,
2025), 90 FR 38521 (August 8, 2025) (SR-MIAX-2025-37) (Self-
Regulatory Organizations; Miami International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Amend Exchange Rule 307, Position Limits, and Exchange
Rule 309, Exercise Limits To Allow the Exchange To Increase the
Position and Exercise Limits for iShares Bitcoin Trust ETF).
\12\ See Securities Exchange Act Release No. 103749 (August 14,
2025), 90 FR 41426 (August 25, 2025)(SR-MIAX-2025-38) (Self-
Regulatory Organizations; Miami International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Change
To Amend Exchange Rule 307, Position Limits, and Exchange Rule 309,
Exercise Limits To Allow the Exchange To Increase the Position and
Exercise Limits for Grayscale Bitcoin Trust ETF, Grayscale Bitcoin
Mini Trust ETF, and the Bitwise Bitcoin ETF).
\13\ See Securities Exchange Act Release Nos. 104210 (November
14, 2025), 90 FR 52727 (November 21, 2025) (SR-MIAX-2025-07) (Self-
Regulatory Organizations; BOX Exchange LLC, Cboe Exchange, Inc.,
Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX
Exchange, Inc., Miami International Securities Exchange, LLC, MIAX
PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, LLC, New York Stock
Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE National,
Inc., and NYSE Texas, Inc.; Notice of Deemed Approval of Various
Proposed Rule Changes); and 104451 (December 4, 2025), 90 FR 60208
(December 23, 2025)(SR-MIAX-2025-49)(Self-Regulatory Organizations;
Miami International Securities Exchange, LLC; Notice of Filing of a
Proposed Rule Change To Amend Exchange Rule 402, Criteria for
Underlying Securities, To Permit Options on Commodity-Based Trust
Shares).
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Proposal
The Crypto Assets all qualify for listing pursuant to Exchange Rule
402(i)(6). As such, similar to other options listed pursuant to
Exchange Rule 402(i)(6), the Crypto Assets should be subject to the
position limits set forth in Exchange Rule 307, and subject to the
exercise limits set forth in Exchange Rule 309. To that end, the
Exchange proposes to remove the 25,000 position and exercise limit
restrictions for the Crypto Assets. With this proposal, Crypto Assets
that qualify to be listed pursuant to Exchange Rule 402(i)(6) would be
treated similar to all other options for purposes of position and
exercise limits.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\14\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \15\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section (6)(b)(5) \16\ requirement that the rules
of an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
\16\ Id.
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The Exchange's proposal to permit the Crypto Assets, which qualify
for listing pursuant to Exchange Rule 402(i)(6), to be subject to the
position limits set forth in Exchange Rule 307 and subject to the
exercise limits set forth in Exchange Rule 309 similar to all other
options is consistent with the Act as this treatment promotes just and
equitable principles of trade.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. In this regard and as
indicated above, the Exchange notes that the rule change being proposed
is very similar in nature to the ISE Filing.\17\
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\17\ See supra note 5.
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The Exchange's proposal does not burden intra-market competition
because the Crypto Assets that qualify to be listed pursuant to
Exchange Rule 402(i)(6) would be treated similar to all other options
for purposes of position and exercise limits.
The Exchange does not believe that the proposed rule change will
impose any burden on inter-market competition as the proposal is not
competitive in nature. The Exchange expects that all option exchanges
will adopt substantively similar proposals, such that the Exchange's
proposal would benefit competition. For these reasons, the Exchange
does not believe that the proposed rule change will impose any burden
on competition not necessary or appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, if consistent with
the protection of investors and the public interest, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A)(iii) of the
Act \18\ and Rule 19b-4(f)(6) thereunder.\19\
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\18\ 15 U.S.C. 78s(b)(3)(A)(iii).
\19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \20\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\21\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
waiver of the operative delay will allow the Exchange to treat options
on Crypto Assets in the same manner as all other options that qualify
for listing pursuant to Exchange Rule 402(i)(6). The Exchange also
states that the proposal does not significantly affect the protection
of investors or the public interest because options on Crypto Assets
that qualify for listing pursuant to Exchange Rule 402(i)(6) are
subject to the position and exercise limits set forth in Exchange Rules
307 and 309, respectively. Finally, the Exchange notes that another
exchange filed a notice for immediate effectiveness, substantively
similar in relevant part, with the Commission, which notice is
effective.\22\ For these reasons, and because the proposal does not
raise new or novel regulatory issues, the Commission believes that
waiver of the operative delay is consistent with the protection of
investors and the public interest. Accordingly, the Commission hereby
waives the 30-day operative delay and designates the proposal operative
upon filing.\23\
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\20\ 17 CFR 240.19b-4(f)(6).
\21\ 17 CFR 240.19b-4(f)(6)(iii).
\22\ See supra note 5.
\23\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of
[[Page 5003]]
investors, or otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-MIAX-2026-04 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-MIAX-2026-04. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to File Number SR-MIAX-2026-04 and should be submitted on
or before February 24, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02115 Filed 2-2-26; 8:45 am]
BILLING CODE 8011-01-P