MIAX, the U.S. options exchange group, restored Monday and Wednesday short-term expiries for options on BlackRock's iShares Bitcoin Trust ETF (IBIT) after the fund had been dropped from the third-quarter roster.
The exchange began listing IBIT under a newly created Tier 2 framework on August 18, 2026. IBIT was part of MIAX's initial January 2026 roster and remained eligible in the second quarter before disappearing from the Q3 list published July 1.
New Tier 2 Framework Details
The Tier 2 framework lowers qualification gates compared to the existing Tier 1 structure. Tier 1 requires more than $50 billion in assets under management (AUM) and more than 10 million monthly options sides. Tier 2 reduces these thresholds to more than $25 billion in AUM and more than 5 million monthly options sides.
Both tiers maintain a position limit requirement of at least 250,000 contracts and participation in the Penny Interval Program. IBIT's actual position and exercise limit was raised to 1 million contracts in May 2026.
Expiration Schedule Limitations
Under Tier 2, IBIT can list options on Monday and Wednesday dates only, compared to Tier 1's inclusion of Tuesday and Thursday expiries. The framework limits Tier 2 products to no more than two Monday and two Wednesday expirations beyond the current week at any given time.
The contracts are P.M.-settled, and MIAX does not list a Tier 2 expiry on dates coinciding with standard, monthly, or quarterly expirations.
Regulatory Status
MIAX Pearl filed the rule change on August 13, 2026. The SEC waived the standard 30-day delay and made the rule operative upon filing, but retained authority to temporarily suspend it within 60 days. A comment deadline was set for September 17, 2026.
