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The SEC cleared Nasdaq ISE to list options on qualifying digital commodity ETPs, tied to 19 assets from Bitcoin and Solana to Canton Coin.
The SEC has cleared Nasdaq ISE to list options on exchange-traded products that hold digital commodities. The approval covers rule filing SR-ISE-2026-42, which the exchange submitted on July 28, 2026. The rule amends ISE’s criteria for underlying securities in Options 4, Section 3(h). As a result, ISE can list options on a qualifying commodity-based trust without returning to the SEC for each new product. The SEC received no public comments on the filing. Meanwhile, the agency had used the longer review window under Section 19(b)(2), which pushed its decision deadline to November 11, 2026.
This approval builds on a rule path that ISE has extended step by step. ISE first won a framework for options on trusts that hold a single crypto asset, which took effect on October 27, 2025. Later, the SEC approved a version for trusts that hold several crypto assets, and the Federal Register published that order in March 2026. The new rule changes the vocabulary and the screening tests inside that framework. Specifically, it swaps the broad term “crypto asset” for the narrower legal term “digital commodity.” That change matters because it ties options eligibility to the SEC’s own classification of crypto assets.
🇺🇸 BREAKING: SEC clears Nasdaq options exchange to list options on qualifying digital commodity ETPs. Digital commodities identified by the SEC and SEC staff: BTC, ETH, SOL, CC, HBAR, LINK, AVAX, ADA, XLM, DOT, LTC, DOGE, BCH, APT, XTZ, SHIB, ALGO, LBC, XRP https://t.co/CMHsnSGQkV
— King Solomon (Ryan Solomon) (@IOV_OWL) November 10, 2026
🇺🇸 BREAKING: SEC clears Nasdaq options exchange to list options on qualifying digital commodity ETPs. Digital commodities identified by the SEC and SEC staff: BTC, ETH, SOL, CC, HBAR, LINK, AVAX, ADA, XLM, DOT, LTC, DOGE, BCH, APT, XTZ, SHIB, ALGO, LBC, XRP https://t.co/CMHsnSGQkV
How a Trust Qualifies
The rule mirrors changes that Nasdaq made to its listing standards for the underlying ETPs. The SEC approved that companion filing, SR-NASDAQ-2026-032, in an order dated July 27, 2026. Nasdaq had filed it on April 14 to amend Rule 5711(d), which governs commodity-based trust shares. ISE then aligned its options rules with that text. Under the definition, a digital commodity must qualify as a commodity under the Commodity Exchange Act. It must also derive its value from a functional crypto system and from supply and demand. Finally, it cannot derive value from expected profits tied to the managerial efforts of others.
The filing also sets numeric tests that a trust must pass. Each digital commodity in the trust needs an average daily market value of at least $700 million over the prior 12 months. Additionally, at least 85% of the trust’s net asset value must sit in assets that underlie derivatives on surveillance-linked markets. ISE says it holds surveillance sharing arrangements with CME and Coinbase Derivatives through the Intermarket Surveillance Group. Up to 15% of net asset value may fall outside that surveillance test, though those holdings still need to clear the $700 million bar. Furthermore, the trust must meet ISE’s existing ETF listing standards and disclose its holdings, NAV method, and creation and redemption process.
The 19 Digital Commodities Behind the Framework
The SEC and its staff have identified 19 assets as digital commodities. The core list comes from the SEC’s interpretive release with the CFTC, Release 33-11412, which took effect on March 23, 2026. That release names 16 assets as examples. A footnote adds Algorand and LBRY Credits as further digital commodities that lack a CFTC-regulated futures contract. Separately, SEC staff added Canton Coin in a November 3 no-action letter. Grouped by role, the full set looks like this:
- Store of value and payment networks: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), XRP (XRP), and Stellar (XLM).
- Smart contract Layer-1s: Ether (ETH), Solana (SOL), Avalanche (AVAX), Cardano (ADA), Polkadot (DOT), Tezos (XTZ), Aptos (APT), and Algorand (ALGO).
- Enterprise and data infrastructure: Hedera (HBAR), Chainlink (LINK), and Canton Coin (CC).
- Community and content assets: Dogecoin (DOGE), Shiba Inu (SHIB), and LBRY Credits (LBC).
Importantly, this list illustrates the SEC’s view and does not approve any specific product. The SEC said it picked most of the 16 examples because each one underlies a futures contract on a CFTC-regulated market. Moreover, the Canton letter has limits. Staff said they would not recommend enforcement over how CC is minted, based on facts that the requester supplied. However, the letter does not reach a legal conclusion on whether CC is a security. A trust holding any of these assets still has to pass the liquidity and surveillance tests described above.
Why Options Matter for Crypto ETPs
Options give institutional investors tools to hedge, to generate income, and to size positions precisely. Exchange-listed options also trade on regulated venues with central clearing. In contrast, over-the-counter contracts carry counterparty risk and less price transparency. ISE argued in its filing that listed options add competition and hedging choices for investors. Additionally, the $700 million threshold aims to keep hedging activity from disrupting the underlying market.
Bitcoin ETF options already show the demand. ISE won approval to list options on BlackRock’s iShares Bitcoin Trust, ticker IBIT, in September 2024. Later, the SEC approved an increase in the IBIT position and exercise limit from 250,000 to 1,000,000 contracts, in an order dated April 27, 2026. That decision followed ISE’s argument that IBIT’s trading volume justified higher limits. Now the same exchange can extend similar tools to ETPs that hold other digital commodities. Consequently, issuers that already offer or plan products tied to these assets gain a clearer route to a listed options market.
What to Watch Next
The tests in the rule will decide how much of the 19-asset list reaches the options market. First, the $700 million average daily market value requirement applies to each asset in a trust, including the 15% buffer. As a result, smaller assets on the list may need to grow before they can sit inside a qualifying trust. Second, the 85% surveillance test favors assets with futures on CME or Coinbase Derivatives. Algorand and LBRY Credits had no such futures when the SEC published its interpretation, so they would likely rely on the buffer. Issuers will need to design trusts around those limits.
Product launches remain a separate step. Each ETP still needs its own listing under Nasdaq’s standards, and options will follow only after a qualifying trust trades. Meanwhile, the broader regulatory picture keeps moving. The SEC and CFTC interpretation gave the market a shared vocabulary, and the staff letter on Canton Coin showed that the list can grow. Therefore, readers should track new ETP filings and any further staff statements on additional assets. Each one could widen the pool of products that ISE can list.
*Disclaimer: News content provided by Genfinity is intended solely for informational purposes. While we strive to deliver accurate and up-to-date information, we do not offer financial or legal advice of any kind. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial or legal decisions. Genfinity disclaims any responsibility for actions taken based on the information presented in our articles. Our commitment is to share knowledge, foster discussion, and contribute to a better understanding of the topics covered in our articles. We advise our readers to exercise caution and diligence when seeking information or making decisions based on the content we provide.
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