MEMX has asked the SEC to approve a rule change that would let the exchange list options on certain commodity-based trusts that hold more than one crypto asset. The SEC published notice of that filing on June 4, 2026, under SR-MEMX-2026-13.
The practical point is narrow but important. MEMX already has a framework for options on qualifying single-crypto commodity trusts. This proposal would extend that framework to qualifying multi-asset crypto trusts, subject to the exchange’s broader ETF-option listing rules and the specific crypto tests in the filing.
That is still a proposal under SEC review, not an approval and not a live product launch.
This article is for market commentary and education only. It is not financial advice, investment advice, or trading advice. Options involve risk and are not suitable for all investors.
What is confirmed in the MEMX filing
The SEC notice dated June 4, 2026 says MEMX filed the proposal on May 21, 2026. The filing would amend MEMX Rules 19.3 and 19.4 to establish listing criteria and withdrawal standards for options on commodity-based trusts that hold multiple crypto assets.
The core change is straightforward. Under the current MEMX framework described in the filing, options eligibility covers qualifying commodity-based trusts that hold a single crypto asset. Under the proposed change, MEMX could also list options on a trust that holds multiple crypto assets if each underlying crypto asset meets the required standards.
Those standards include two main crypto-specific tests:
- Each crypto asset must have an average daily market value of at least $700 million over the last 12 months.
- Each crypto asset must underlie a derivatives contract that trades on a market with which the exchange has a comprehensive surveillance sharing agreement, either directly or through common membership in the Intermarket Surveillance Group.
The filing also says MEMX would add continued-listing language so the exchange could stop opening new option series if those crypto-specific conditions were no longer met.
What is proposal status, and what is already approved elsewhere
The most important distinction in this story is between a pending MEMX proposal and approvals that already exist at other exchanges.
Pending at MEMX
As of the SEC’s June 4, 2026 notice, MEMX is asking for approval. The notice solicits comments and starts the formal review process. It does not mean MEMX has already received final approval to list these options.
Already approved elsewhere
The filing says MEMX’s proposal is substantively identical to an approach the SEC already approved for other options exchanges. The SEC approved Nasdaq ISE’s multi-crypto trust options framework on March 24, 2026. The SEC also approved similar proposals for MIAX, MIAX Pearl, and MIAX Sapphire on May 29, 2026.
That context matters because it suggests MEMX is trying to match a framework regulators have already accepted elsewhere. It does not automatically guarantee the same outcome, but it does make this a follow-on rulemaking rather than a first-of-its-kind request.
What broader crypto ETF options would actually change
If MEMX is approved, the immediate change is not that every crypto fund suddenly gets options. The change is that a qualifying multi-asset crypto trust could become eligible for listed options on MEMX without needing a separate bespoke approval for that exact product, provided the trust and its component assets satisfy the exchange’s rules.
In practical terms, that would do three things.
1. It would widen the menu beyond single-asset crypto trusts
Current single-asset structures mainly focus on one underlying crypto asset such as bitcoin. A multi-asset framework is designed for trusts that hold more than one crypto asset, which could eventually support broader crypto exposure through one listed product.
2. It would shift some attention from one-coin exposure to basket exposure
Options on a multi-asset trust would reflect the behavior of the trust itself, not just one token. That can change how traders think about correlation, volatility, and event risk because the underlying exposure may be spread across more than one crypto market.
3. It would import familiar listed-options mechanics into a broader crypto-fund wrapper
If listed, these products would still sit inside the normal listed-options structure for contract specifications, listing standards, surveillance, and continued-listing requirements. The asset mix may be new, but the options-market wrapper is meant to be conventional.
That does not mean the risk becomes simple. Basket exposure can reduce concentration in one asset while adding cross-asset complexity.
Why this matters for options traders
For options traders, this is mainly a market-structure development, not a trade signal.
First, a broader set of eligible underlyings can eventually create more ways to express views or hedge exposure using listed options rather than unlisted or offshore instruments. That matters most for traders who prefer exchange-listed products with standard clearing and surveillance.
Second, a multi-asset trust changes the volatility question. A single-asset crypto trust can be dominated by one underlying market. A broader trust can behave differently because basket construction, weightings, and cross-asset correlation start to matter. If you need a refresher on how volatility affects option pricing, the site’s guide to implied volatility in options trading covers the basics.
Third, broader eligibility does not remove the need for discipline. Even if more crypto ETF options become available, traders still have to manage sizing, assignment risk where relevant, and the possibility that a liquid-looking product can reprice sharply. The site’s guide to risk management in options trading is a better starting point than treating a rule filing as a reason to reach for leverage.
What this filing does not say
Several nearby crypto-options headlines can blur together, so it is worth separating this proposal from other developments.
The MEMX filing is not an approval of new higher position limits for IBIT options. Higher IBIT position-limit approvals are separate regulatory actions and serve, at most, as background context for how crypto-linked options rules are evolving.
The MEMX filing also does not say a specific multi-crypto trust will definitely list options next week, or at all. Approval of a rule framework is not the same thing as immediate product availability.
It also does not tell traders anything directional about crypto prices. Options activity, exchange filings, and rule changes should not be read as proof that the market expects a move up or down. If you want to separate participation from conviction, the site’s guide to options volume vs open interest can help.
What traders may misunderstand
The first mistake is reading the SEC notice as a final approval. It is still a proposal under review.
The second mistake is assuming the filing means every multi-asset crypto trust will automatically get options. The rule framework still depends on the trust and each underlying asset satisfying the exchange’s standards.
The third mistake is treating the filing as a bullish signal for crypto prices. It is a product-structure and regulatory story, not a directional call.
Facts, interpretation, and caveats
Facts
The June 4, 2026 SEC notice confirms that MEMX filed SR-MEMX-2026-13 and proposes extending options eligibility from certain single-crypto commodity trusts to qualifying multi-asset crypto trusts. The filing also confirms the two main crypto-specific thresholds: each asset must meet the $700 million average daily market value test and each asset must underlie a derivatives contract traded on a market covered by a surveillance-sharing arrangement.
Interpretation
The broader takeaway is that U.S. listed crypto options infrastructure continues to move from one-off approvals toward a more generic rule-based framework. That can matter over time because generic standards can make product expansion faster once regulators accept the structure.
Caveats
Regulatory timing is uncertain. Product availability is uncertain. The eventual lineup of eligible multi-asset trusts is uncertain. And even if options list on a broader set of crypto trusts, that does not make the products low-risk or appropriate for every trader.
Bottom line
MEMX is not asking the SEC to bless a specific new crypto-options product so much as to widen the rulebook for what kinds of crypto trust options it may list. The proposed expansion from single-asset to qualifying multi-asset crypto trusts would matter because it could broaden the listed crypto ETF options universe if regulators approve it.
For traders, the key is to keep the filing in the right category. This is a regulatory plumbing story with potential downstream effects on product availability and market structure. It is not an approval yet, not a price forecast, and not a trading recommendation.
This is not financial advice, investment advice, or trading advice. Options involve substantial risk, including the risk of losing some or all of the premium paid.
Sources
https://www.sec.gov/files/rules/sro/memx/2026/34-105616.pdfhttps://www.sec.gov/files/rules/sro/memx/2026/34-104592.pdfhttps://www.sec.gov/files/rules/sro/ise/2026/34-105072.pdfhttps://www.sec.gov/files/rules/sro/miax/2026/34-105578.pdfhttps://info.memxtrading.com/regulation/rules-and-filings/
