As a seasoned analyst with over two decades of experience in traditional finance and a keen interest in digital assets, I find this development to be nothing short of groundbreaking. The greenlight for MIAX Sapphire Options Exchange to list options on Bitcoin ETFs is a significant step forward in the mainstream adoption of cryptocurrencies.

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MIAX Sapphire Options Exchange has proposed updated guidelines for the inclusion of options trading in three Bitcoin (BTC) based Exchange-Traded Funds (ETFs), as stated in a document filed on November 25 with the relevant regulatory body.

The new regulation now allows MIAX Sapphire Exchange to include Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), and Bitwise Bitcoin ETF (BITB) as options they can list, according to the paperwork submitted.

MIAX Sapphire, a member of Miami International Holdings’ lineup of U.S. exchanges, has now joined heavyweights like Nasdaq and the New York Stock Exchange (NYSE) by offering listings for Bitcoin-related exchange-traded fund (ETF) options.

MIAX Sapphire Exchange offers trading for options connected with various commodity-based ETFs, such as those that invest in precious metals like gold, silver, and platinum.

In September, the U.S. Securities and Exchange Commission (SEC) granted approval for Nasdaq’s digital stock market to start trading options for the iShares Bitcoin Trust ETF (IBIT).

It was the first time the agency approved options on spot BTC ETFs for US trading.

The SEC granted similar authorizations to two more exchanges, NYSE and Cboe, in October.

In the month of November, I witnessed the Commodity Futures Trading Commission (CFTC) and the Options Clearing Corporation (OCC) grant approval for Bitcoin ETF options. This decision marked the removal of the last significant barrier, enabling exchanges to list these financial derivative products.

On November 18th, the initial trading day for options contracts related to BlackRock’s IBIT, a staggering nearly $2 billion in overall exposure was observed.

Options are contracts granting the right to buy or sell — “call” or “put” in trader parlance — an underlying asset at a certain price. In the US, if one party fails to uphold the agreement, the OCC intervenes and settles the trade. 

Experts believe that the introduction of a Bitcoin Spot ETF in the U.S. could speed up the adoption of Bitcoin by institutions, possibly leading to significant gains for those who already own Bitcoin.

The listing of Bitcoin ETF options on regulated U.S. exchanges, where the Options Clearing Corporation (OCC) ensures protection against counterparty risk, represents a “significant step forward” in the crypto market and offers “extraordinary investment opportunities,” according to Jeff Park, Head of Alpha Strategies at Bitwise Invest. In a September 20th post on Reddit, he expressed this viewpoint.

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2024-11-27 18:40