Final U.S. Exchanges Lift Caps on Bitcoin and Ether ETF Options After SEC Fast-Track

Overview

• NYSE Arca and NYSE American removed the 25,000‑contract position and exercise limits on options tied to 11 spot Bitcoin and Ether ETFs, with the SEC waiving the usual 30‑day delay under Rule 19b‑4(f)(6).
• The SEC said the expedited effectiveness was appropriate because the changes match rules already in place at other exchanges and raise no new regulatory issues.
• Affected products include funds from BlackRock (IBIT), Fidelity (FBTC), ARK 21Shares, Grayscale, and Bitwise, which now qualify for higher standard position thresholds and FLEX trading.
• With these NYSE actions, every major U.S. options venue has completed the shift away from the temporary 25,000‑contract cap introduced when crypto ETF options launched in November 2024.
• A separate Nasdaq ISE proposal to raise IBIT’s limit to 1 million contracts remains under SEC review, and the public comment window for the NYSE filings runs through April 13.