On December 31, the U.S. Securities and Exchange Commission (SEC) initiated a review process for a proposal submitted by the Chicago Board Options Exchange (Cboe) to amend Rule 5.4, in order to determine whether to approve adjustments to the minimum quote increment for Cboe Mini Bitcoin U.S. ETF Index (MBTX) options. The proposal suggests setting the minimum quote unit at $0.01 for option series with a traded price below $3 and at $0.05 for series with a traded price of $3 or higher.
The SEC is currently seeking public comment on the proposal, with a deadline of January 21, 2026. Cboe stated that the proposal aims to align the pricing granularity of MBTX options with that of BlackRock's iShares Bitcoin Trust (IBIT) options, thereby narrowing bid-ask spreads through finer pricing.
