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Cboe seeks US SEC nod for spot Ethereum ETF options

Cboe has submitted a 19b-4 filing to be allowed to list and trade options on spot Ethereum ETFs The proposal follows high demand for Ethereum ETFs NYSE American has made a similar proposal, but it’s yet to receive SEC approval The Chicago Board Options Exchange (Cboe) has officially submitted a 19b-4 filing to the US…


  • Cboe has submitted a 19b-4 filing to be allowed to list and trade options on spot Ethereum ETFs
  • The proposal follows high demand for Ethereum ETFs
  • NYSE American has made a similar proposal, but it’s yet to receive SEC approval

The Chicago Board Options Exchange (Cboe) has officially submitted a 19b-4 filing to the US Securities and Exchange Commission (SEC), seeking approval to list and trade options on spot Ethereum exchange-traded funds (ETFs).

This move signifies a pivotal step for Cboe towards expanding investor access to Ethereum, mirroring the growing demand within the cryptocurrency market.

Cboe seeks to expand its investment tools

Cboe’s filing aims to broaden the spectrum of investment tools available to market participants. By allowing options trading on Ethereum ETFs, investors would gain an accessible means to engage with Ethereum’s price movements.

The 19b-4 filing includes funds such as those managed by Bitwise and Grayscale, notably the Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust, which hold Ethereum as their primary asset.

The exchange posits that these options will serve not only as another avenue for investors to gain exposure to Ethereum, but also as a crucial hedging instrument against the inherent volatility of the cryptocurrency market.

Notably, Cboe’s filling follows on the heels of a similar proposal by NYSE American, which has yet to receive SEC approval, with the regulator citing concerns over market manipulation, investor protection, and ensuring a fair trading environment.

The SEC’s hesitance is rooted in Section 6(b)(5) of the Securities Exchange Act of 1934, which emphasizes the protection of investors and the maintenance of fair and orderly markets.

Despite these challenges, Cboe’s proposal is framed as a competitive response to NYSE’s initiative, suggesting a potential market eagerness to see these financial products come to fruition.

Cboe’s approach in the filing underscores that Ethereum ETF options would be governed by the same stringent rules as other fund share options on its platform. This includes listing requirements, margin rules, and trading halts.

This regulatory alignment aims to reassure the SEC of the proposal’s adherence to existing frameworks, similar to those applied to Bitcoin ETF options, which were approved under similar regulatory scrutiny.

The surge in investor interest in Ethereum ETFs

The timing of the Cboe filing coincides with a surge in investor interest in Ethereum ETFs. Recently, these funds have seen unprecedented trading volumes and net inflows.

For instance, on February 4, 2025, Ethereum ETFs recorded net inflows of $307.77 million, the highest single-day inflow of the year, demonstrating robust investor confidence.

Total Ethereum Spot ETF Net Inflow
Total Ethereum Spot ETF Net Inflow by Coinglass

This performance not only supports the rationale behind introducing options trading, but also highlights the market’s readiness for such financial innovations.

The introduction of options on Ethereum ETFs could potentially stabilize Ethereum’s price by enhancing market liquidity.

Options provide sophisticated risk management tools for institutional investors, allowing them to hedge against price fluctuations. Retail traders might leverage these options for speculative gains.

This could lead to a more mature and stable market environment for Ethereum, fostering greater institutional adoption and contributing to the cryptocurrency’s mainstream financial integration.

Industry experts, like Nate Geraci from The ETF Store, have indicated that the approval process might follow a timeline similar to that of spot Bitcoin ETFs, which took about eight to nine months from launch to options trading approval.

If this precedent holds, we might see options on Ethereum ETFs becoming a reality in the near future, potentially as soon as next month, assuming regulatory hurdles are cleared.


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Germany’s AfD party proposes Bitcoin as strategic asset

The AfD party is urging Germany to treat Bitcoin as a strategic national asset. The AfD Bitcoin reserve motion seeks MiCA exemption and clear, favorable tax rules. AfD is pushing Bitcoin as “state-free money” to boost sovereignty. Germany’s Alternative for Germany (AfD) party has put forward a parliamentary motion urging the government to recognize Bitcoin…


Germany's AfD party proposes Bitcoin as strategic asset

  • The AfD party is urging Germany to treat Bitcoin as a strategic national asset.
  • The AfD Bitcoin reserve motion seeks MiCA exemption and clear, favorable tax rules.
  • AfD is pushing Bitcoin as “state-free money” to boost sovereignty.

Germany’s Alternative for Germany (AfD) party has put forward a parliamentary motion urging the government to recognize Bitcoin as a strategic asset.

The short, forceful proposal argues Bitcoin deserves distinct treatment from other crypto-assets and calls for tax and regulatory relief to bolster innovation and national sovereignty.

The Bitcoin strategic reserve motion by AfD

The AfD motion urges lawmakers to treat Bitcoin differently from tokens and stablecoins covered by the EU’s Markets in Crypto-Assets (MiCA) framework.

It argues Bitcoin’s decentralised design and fixed supply make it a unique form of digital value that should not be shoehorned into rules intended for centrally issued crypto instruments.

The party explicitly proposes that the government consider accumulating Bitcoin within national reserves as a hedge against inflation and currency volatility.

A central demand in the motion is tax certainty.

AfD lawmakers want to preserve the existing 12-month holding exemption for private capital gains and maintain Bitcoin’s exemption from VAT.

They also call for private mining and running Lightning Network nodes to be clearly classified as non-commercial activities, reducing administrative burdens for individual participants.

The motion stresses the right to self-custody and warns that legal uncertainty deters long-term private investment.

AfD frames the proposal as part of a broader defence of digital sovereignty.

The party opposes a European digital euro and portrays Bitcoin as “state-free money” that can protect liberties and reduce dependence on centrally issued currency instruments.

The motion arrives amid debate over Germany’s decision in mid-2024 to sell nearly 50,000 BTC seized from criminal proceedings — an action AfD and others now characterise as a policy mistake given subsequent price movements.

The proposal argues that heavy-handed national implementation of MiCA risks capital flight and diminishes Germany’s standing in blockchain innovation.

AfD lawmakers say excessive rules will push firms and talent to friendlier jurisdictions, eroding competitiveness in a field with rapidly evolving technology and commercial models.

AfD also highlights potential synergies between Bitcoin and energy policy.

The motion suggests that productive uses of excess renewable supply — including mining — could create a technological and economic fit between Germany’s energy transition and the Bitcoin network.

The party frames state accumulation of Bitcoin as a prudent diversification of reserve assets, drawing parallels to moves and proposals in other European countries that have discussed or adopted similar approaches.

Beyond urging a strategic statement from the federal government, the motion seeks concrete commitments: keep tax advantages intact, exempt certain private operations from commercial classification, enshrine self-custody rights, and open study of Bitcoin’s role in reserves and energy integration.

AfD wants the Bundestag to formally recognise Bitcoin’s distinct status and to restrain national rule-making that would extend MiCA beyond its intended scope.

The reaction from the public

Supporters in crypto circles welcomed the proposal as a sign that mainstream political debate is shifting away from dismissive tropes about digital currencies.

Critics, however, worry the plan could politicise reserve policy or clash with EU regulatory intent.

Observers note that Germany occupies an outsized spot in Europe’s economy, so any move to treat Bitcoin strategically would reverberate across markets and policy debates.

As Bundestag review AfD’s motions and the larger question of how national policy should sit alongside EU rules, whether the proposal gains traction depends on cross-party calculation about economic benefits, sovereign risk, and regulatory coherence.


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