Bitcoin ETF Options Get Rule Tweak: Crypto Traders, Take Note!
Published Date: 8/15/2025
Notice
Summary
Nasdaq PHLX is updating the rules for trading options on the VanEck Bitcoin ETF, including changing position limits and FLEX trading terms. This affects traders who buy and sell these options, helping manage risk and improve trading flexibility. The changes took effect right away on August 7, 2025, so market players should be ready to roll with the new rules!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 1 costs, 2 mixed.
25,000-Contract Limit Set
If you trade options on the VanEck Bitcoin ETF, Nasdaq PHLX set the position and exercise limits at 25,000 contracts. This change was filed on August 7, 2025 and aligns Phlx limits with limits already set on Cboe and ISE.
FLEX Trading Prohibited on Phlx
Nasdaq PHLX will not authorize FLEX options trading for the VanEck Bitcoin ETF, so FLEX (customizable) option contracts on that ETF cannot be traded on Phlx. The change was filed on August 7, 2025 and is intended to avoid creating different position and exercise limits.
Changes Effective Immediately
The SEC waived the usual 30-day delay so the Phlx rule changes became operative upon filing on August 7, 2025, meaning traders and members had to follow the new 25,000-contract limits and the FLEX prohibition right away. The public comment deadline is September 5, 2025.
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