The U.S. Securities and Exchange Commission approved options trading for several spot Ethereum exchange-traded funds, clearing the way for institutional investors to take more advanced positions in Ether markets.
The decision gives exchanges like Nasdaq the green light to list options on funds such as BlackRock’s iShares Ethereum Trust (ETHA), Bitwise’s Ethereum ETF (ETHW), Fidelity’s Ethereum Fund (FETH), and Grayscale’s Ethereum Trusts (ETHE and ETH Mini). The move follows months of regulatory review after BlackRock first submitted its request in July 2024.
In its formal response, the SEC described the new products as lower-cost vehicles that allow investors to gain exposure to Ether and hedge existing positions, which may help stabilize interest in the asset class.
“Options on the Trust will provide investors with an additional, relatively lower cost investing tool to gain exposure to spot ether,” the agency stated, noting that the instruments would also offer a “hedging vehicle” to accommodate market risk.
Despite the approval of spot Ether ETFs last summer, inflows into these funds trailed behind those of Bitcoin ETFs. Data shows BlackRock’s ETHA currently holds $1.8 billion in assets under management, down more than 50% since the beginning of 2025.
The SEC’s latest decision comes amid a dramatic recalibration of the agency’s stance on digital assets under President Donald Trump’s administration. Since his return to office, the SEC pulled back on high-profile enforcement actions and signaled openness to integrating crypto into mainstream finance. Investigations into companies including Coinbase, Gemini, Uniswap Labs, and OpenSea were quietly dropped in recent months.
Meanwhile, lawmakers in both chambers of Congress advanced pro-crypto legislation, with two major stablecoin bills — the STABLE Act in the House and the GENIUS Act in the Senate — now moving through final markup stages. A broader crypto market structure framework is also expected before the end of the year.
Meanwhile, the U.S. crypto market is seeing further growth in derivatives products. Coinbase recently launched Solana futures, and the Chicago Mercantile Exchange plans to introduce its own SOL futures contracts on March 17, pending regulatory approval.
Options contracts provide the right to buy or sell an underlying asset at a specific price, functioning as a hedge or a speculative instrument.
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