Nasdaq BX Tweaks Limits on Hot Bitcoin ETF Options
Published Date: 8/8/2025
Notice
Summary
Nasdaq BX just updated the rules for how many options traders can hold and exercise on four popular Bitcoin ETFs: iShares Bitcoin Trust, Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, and Grayscale Bitcoin Trust. This change affects anyone trading options on these ETFs and takes effect immediately, helping keep the market fair and balanced. If you’re into Bitcoin ETF options, now’s the time to check your limits and plan your moves!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
IBIT options limit raised to 250,000
If you trade options on the iShares Bitcoin Trust ETF (IBIT), Nasdaq BX proposes to raise the same-side position and exercise limit from 25,000 contracts to 250,000 contracts. The change was filed on August 1, 2025 and is immediately effective as a BX rule change.
BTC and BITB limits raised to 250,000
If you trade options on the Grayscale Bitcoin Mini Trust ETF (BTC) or the Bitwise Bitcoin ETF (BITB), Nasdaq BX proposes to remove the 25,000-contract same-side limit so these ETFs would be subject to the 250,000-contract position and exercise limits applied by other exchanges. The filing was made August 1, 2025 and is immediately effective.
GBTC options limit raised to 250,000
If you trade options on the Grayscale Bitcoin Trust ETF (GBTC), Nasdaq BX proposes to eliminate the 25,000-contract same-side limit so GBTC would be subject to a 250,000-contract position and exercise limit used by other exchanges. The change was filed August 1, 2025 and is immediately effective.
Reporting rules and 200-contract daily filings stay
The Exchange will keep its existing reporting requirements when these position/exercise limits change: Participants must report options positions and hedges, Market Makers remain exempt from the reporting requirement (though the Exchange may access their positions), and the daily large-position report threshold of 200 contracts stays in place. These reporting rules remain unchanged under the August 1, 2025 filing.
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