Grayscale, Bitwise Also Want to List Ethereum ETFs Options on NYSE

Grayscale and Bitwise are seeking approval of options for their spot Ethereum ETFs based on a filing made with the Securities and Exchange Commission (SEC).

In the filing, the NYSE asked the SEC to “permit the listing and trading of options” for the Bitwise Ethereum ETF (ETHW), the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini (ETH).

The exchange said options would "benefit investors by providing them with an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging vehicle to meet their investment needs in connection with ether products and positions."

The move follows Blackrock's request to list options for iShares Ethereum Trust (ETHA), which is the only ETH ETF listed on the Nasdaq. ETH ETF for Bitwise and Grayscale are both listed on the New York Stock Exchange (NYSE).

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Comments on the filing are expected to be submitted within the next 21 days. The SEC approved Ethereum ETFs to go live on exchanges in July but has not even authorized options trading on Bitcoin ETFs, which were listed in January.

ETH ETFs have attracted $1.5 billion in net inflows since their launch while BTC ETFs have a total market cap of $71 billion.

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The introduction of options for Ethereum-based Exchange-Traded Products has the potential to introduce increased volatility to the spot Ethereum market, something market participants may have to take into account in the future.