Cboe Seeks SEC Approval for Ethereum ETF Options Trading
2025-02-06
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Cboe has submitted a 19b-4 filing to the SEC to approve the listing and trading of options on spot Ethereum ETFs. The exchange is requesting expedited approval for this rule adjustment. 
The filing specifies that Ethereum fund options will be traded similarly to other fund share options on the platform.
Cboe Targets Ethereum ETF Options Trading in SEC Filing
In its latest filing, Cboe BZX Exchange proposed an amendment to Rule 19.3 to list and trade options on Ethereum ETFs. This covers the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and any other trust holding ETH.
“The Exchange believes that offering options on Ethereum Funds will benefit investors by providing them with an additional, relatively lower-cost investing tool to gain exposure to the price of Ethereum and a hedging vehicle to meet their investment needs in connection with Ethereum-related products and positions,” the filing stated.
Cboe described the proposal as a “competitive filing,” referencing a similar submission by NYSE American. However, the SEC has twice postponed its decision to approve NYSE’s proposal.
The regulator cited concerns about market manipulation, investor protection, and maintaining a fair trading system. These considerations fall under Section 6(b)(5) of the Securities Exchange Act of 1934. Moreover, the proposal remains pending under the SEC.
If approved, Ethereum ETF options will follow the same rules as other fund share options. This includes listing criteria, expirations, exercise prices, price increments, margins, account management, and trading halts.
This framework already applies to options on precious-metal-backed commodity units and Bitcoin BTCUSD Funds. These were approved under the current Rule 19.3(i).
“It took about 8-9 months after spot btc ETFs launched for options approval. Will enter that window for spot eth ETFs next month,” the post read.
This observation aligns with past trends in ETF approvals, suggesting that Ethereum ETFs could follow a similar path. Options trading on spot Bitcoin ETFs officially launched in November 2024. Therefore, this has set a precedent for how regulators may handle Ethereum ETFs in the upcoming time.
Notably, spot Ethereum ETFs have witnessed strong investor demand, marking five consecutive days of net inflows. According to SoSo Value, on February 4, Ethereum ETFs recorded $307.77 million in daily net inflows. This marked the highest single-day inflow in 2025.
This followed its earlier milestone. On Monday, the ETFs saw a record high of $1.5 billion in total trading volume. According to the latest data, Ethereum ETFs registered a daily net inflow of $18.11 million on February 5. Thus, the total net inflows now stand at $3.17 billion.