Daily Crypto Briefs 
WASHINGTON, Nov. 10, 2026
The U.S. Securities and Exchange Commission on Tuesday approved a Nasdaq ISE rule that lets more crypto funds qualify for listed options by allowing up to 15% of a fund’s net assets to fall outside a market surveillance requirement.
The Nov. 10 order applies to shares of qualifying trusts that hold one or more digital commodities. An option gives its buyer the right to buy or sell the fund’s shares at a set price under the contract’s terms. The SEC approved listing criteria for those contracts and gave no timetable for specific listings.
Bitcoin fell 2.1% in Tuesday’s UTC session, closing at about $73,698 after touching $72,643, according to ChartExchange composite data. Its close was about 11.3% below the Oct. 10 close of $83,085.
Bitcoin
BTCNasdaq ISE told the SEC that its existing ETF options trading and surveillance rules would apply to the contracts. The exchange also said it could request information from Nasdaq about the underlying trust shares when investigating suspected manipulation or trading abuse.
Nasdaq ISE keeps the $700 million test
Each digital commodity in the trust must have an average daily global market value of at least $700 million over the preceding 12 months. The test measures the market value of the token’s global supply. It applies asset by asset, including to holdings within the 15% exception.
The other test looks at where derivatives tied to each token trade. In general, a token must underlie a derivatives contract on a market that shares surveillance information with ISE. A trust can now put up to 15% of its net asset value, in total, in digital commodities that fall outside that test. Derivatives held by the trust count at gross notional value for the 15% calculation, a measure based on the size of the exposure.
For example, a fund with two such holdings at 8% each would exceed the allowance even if both cleared the market-value floor. The rule gives a basket fund room to hold smaller positions outside the surveillance requirement while keeping the bulk of its assets subject to it. Hashdex’s Nasdaq-listed crypto basket illustrates how a fund can add a token at a small portfolio weight. Its eligibility was outside the scope of Tuesday’s order.
SEC aligns options rules with Nasdaq trust standards
The ruling follows the SEC’s July approval of Nasdaq’s revised trust listing standards. That decision governed which trust shares Nasdaq could list. Tuesday’s decision sets the criteria ISE uses to list options on those shares.
ISE first filed in July and submitted the version the SEC approved on Nov. 5. The agency acted one day ahead of its Nov. 11 decision deadline. ISE also adopted Nasdaq’s use of the term “digital commodity.” A March SEC interpretation and accompanying CFTC guidance named Solana and XRP among the examples in that category. A trust holding either still has to meet the applicable fund and options listing tests.
Eligibility can also change after listing. ISE checks the market-value test monthly and must consider suspending trades that open new positions if a trust no longer meets that test or the surveillance requirement. Existing ETF options rules for expirations, strike prices, position limits and trading halts still apply.
New crypto ETF options still need a listing date
In September 2024, the SEC issued a fund-specific approval for iShares Bitcoin Trust options. Nasdaq issued its IBIT trading notice in November. Exchanges have since changed terms on some existing contracts, including a higher IBIT position limit at NYSE Arca.
A listed option on a crypto trust can give an investor a way to hedge the fund’s shares. For a basket fund, the contract tracks the basket’s share price, so the hedge covers the combined exposure. How readily investors can trade it will depend on the bids and offers that develop for each strike and expiration.
The broader Crypto Fear & Greed Index fell to 29 on Nov. 11 from 32 the previous day, remaining in the Fear range.
Fear & Greed Index
Nov. 11, 2026The order did not name a fund that will receive new contracts. The first exchange notice under the revised criteria will show which fund’s options are coming to market and when trading is scheduled to begin.
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Primary sources and further reading
| Source | Title |
|---|---|
| | SEC: Nov. 10 approval order, Release 34-106863 |
| | SEC: Nasdaq ISE rulemaking docket SR-ISE-2026-42 |
| | SEC: July approval of Nasdaq's generic trust listing standards |
| | SEC and CFTC: March interpretation and guidance on crypto assets |
| | SEC: September 2024 iShares Bitcoin Trust options order |
| | Nasdaq Trader: November 2024 IBIT options alert |
| | ChartExchange: BTC/USD historical prices |
| | Alternative.me: Crypto Fear & Greed Index |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
What did the SEC approve for Nasdaq ISE crypto ETF options?
On November 10, 2026, the SEC approved revised rules for listing options on qualifying commodity-based trusts that hold digital commodities. The contracts reference the trust's shares.
How does the 15% exception work for crypto ETF options?
Up to 15% of the trust's net asset value in aggregate can consist of digital commodities that lack a qualifying derivatives market with a surveillance-sharing arrangement. Each asset still faces the same $700 million market-value test.
Does the $700 million threshold refer to ETF assets or trading volume?
It refers to the average daily market value of the global supply of each digital commodity over the preceding 12 months.
When will new crypto ETF options start trading on Nasdaq ISE?
The November 10 order gave no ticker or first trading date. An exchange notice and listed contracts for a particular fund would establish availability.