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Grayscale CEO Urges Approval of Spot Bitcoin ETF Options

On February 5th, Michael Sonnenshein, CEO of Grayscale, took to the X platform to strongly advocate for the approval of exchange-traded spot Bitcoin ETF options. He emphasized the significant benefits these options could offer to investors, aiding in price discovery and providing the flexibility needed to navigate the ever-changing market conditions to meet investment goals, such as generating steady income.

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Exchange-traded options are standardized contracts that allow the purchase (via call options) or sale (via put options) of a specific quantity of a financial asset at a predetermined price (strike price) on or before a specified date. Through options trading, investors can speculate on the future movements of specific stocks, bonds, or the broader stock market. Under an options contract, traders have the right but not the obligation to buy or sell the underlying asset at the set price on the specified date.

These options are traded on exchanges like the Chicago Board Options Exchange (Cboe) and are regulated by the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Clearinghouses like the Options Clearing Corporation (OCC) provide guarantees for these exchanges.

Sonnenshein highlighted that when the SEC approved the first Bitcoin futures ETF at $43,110 in October 2021, its listed options were able to be traded the next day due to automatic effectiveness, relying on existing rules. However, for commodity-based ETFs like the recently approved spot Bitcoin ETF, similar rules do not apply as these ETFs must go through a potentially lengthy review under the 19b-4 process similar to the spot Bitcoin ETF itself.

The Grayscale CEO called for equal treatment of similar products, using both spot and futures Bitcoin ETFs as examples.

"Just as Bitcoin futures ETFs and spot Bitcoin ETFs should be (and now are) treated the same, so too should the listed options on these products."

— Sonnenshein (@Sonnenshein) February 5, 2024

Sonnenshein added that the New York Stock Exchange and other national securities exchanges have recently filed 19b-4 forms to amend listing standards to allow for the trading of listed options on commodity-based ETFs, including spot Bitcoin ETFs.

The SEC is currently reviewing applications for spot BTC ETF options, with comments open on BlackRock's proposal to the Cboe. Bloomberg ETF analyst Eric Balchunas stated that the SEC could make a decision as early as February 15, with the latest possible decision date being September 2024.

"The latest we'd get a decision would be around September 21, 2024."

— James Seyffart (@JSeyff) January 19, 2024

In his final remarks on the post, the Grayscale CEO called for fair treatment of spot Bitcoin ETFs and the broader crypto asset class.