Grayscale and Bitwise are asking regulators to approve options for their spot Ethereum exchange-traded funds, according to a filing on the U.S. Securities and Exchange Commission's site.

In a filing posted on Wednesday, NYSE American LLC, along with Grayscale and Bitwise, proposed a rule change to list and trade options on three products — the Bitwise Ethereum ETF, the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust as well as "any trust that holds ether."

"The Exchange believes that offering options on Ether ETPs, including the Bitwise Ethereum ETF, the Grayscale Ethereum Trust (ETH), and the Grayscale Ethereum Trust Mini, will benefit investors by providing them with an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging …