NYSE Arca and NYSE American have lifted the 25,000-contract cap on options tied to a broad set of spot Bitcoin and Ether ETFs, clearing the way for larger, more flexible trading in those products.
What changed
- On March 10, 2026 both exchanges filed rule changes to remove the fixed 25,000-contract position and exercise limit that had applied to options on certain crypto-linked ETFs since their rollout.
- The SEC allowed the filings to become effective immediately under Rule 19b-4(f)(6), waiving the standard 30-day operative delay. Federal Register notices said the change aligns crypto ETF options rules with those used for other products and poses no new regulatory issues, making the updates operative upon filing.
Which funds are affected
The rule changes cover options tied to 11 spot crypto ETFs:
- BlackRock’s iShares Bitcoin Trust
- Fidelity Wise Origin Bitcoin Fund
- ARK 21Shares Bitcoin ETF
- Grayscale Bitcoin Trust
- Grayscale Bitcoin Mini Trust
- Bitwise Bitcoin ETF
- Grayscale Ethereum Trust ETF
- Grayscale Ethereum Mini Trust ETF
- Bitwise Ethereum ETF
- iShares Ethereum Trust ETF
- Fidelity Ethereum Fund
How this differs from earlier updates
Earlier filings had already removed limits for a smaller set of Bitcoin ETF options — including GBTC, the Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, and IBIT. The March 2026 filings extend similar treatment across the full set of listed crypto ETF options covered by these exchange rules.
FLEX options and parity with other products
The revisions also permit these crypto ETF options to trade as FLEX contracts, which allow market participants to customize strike prices, expirations and exercise styles rather than being limited to standard listed terms. NYSE American’s filing explicitly says it wants crypto asset options treated like other options for position, exercise and FLEX trading purposes.
What’s still pending
A separate Nasdaq ISE proposal to raise the position limit for IBIT options to 1 million contracts remains under SEC review.
Why it matters
By removing the 25,000-contract cap and enabling FLEX trading, the exchanges have aligned crypto ETF options with broader options market practices—potentially easing hedging and large-block trading strategies and opening the door to greater institutional participation in options tied to spot Bitcoin and Ether ETFs.
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