NYSE Arca Updates Options Rules for Crypto ETFs Like Bitcoin
Published Date: 3/23/2026
Notice
Summary
NYSE Arca is updating its rules for options trading on certain crypto-related ETFs like Bitcoin and Ethereum funds. These changes adjust how many options traders can hold and the terms for flexible options, aiming to keep things fair and clear. The new rules took effect right after filing on March 10, 2026, impacting anyone trading these crypto options on the exchange.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 1 mixed.
25,000-Contract Cap Removed for Several ETFs
The Exchange removed the 25,000-contract position and exercise limit that applied to options on these products: Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini Trust ETF, Bitwise Ethereum ETF, iShares Ethereum Trust ETF, and Fidelity Ethereum Fund. Position limits for these products will now be determined under NYSE Arca Rule 6.8-O (Commentary .06) and the corresponding exercise limits in Rule 6.9-O.
FLEX and Non-FLEX Positions No Longer Aggregated
The Exchange removed the aggregation rule that combined FLEX Equity Options positions with non-FLEX positions for GBTC (Grayscale Bitcoin Trust), BTC (Grayscale Bitcoin Mini Trust), BITB (Bitwise Bitcoin ETF), and IBIT (iShares Bitcoin Trust ETF). As a result, FLEX Equity Options on those listed bitcoin funds will no longer be aggregated with positions on the same non-FLEX underlying ETF for calculating position and exercise limits under Rules 6.8-O and 6.9-O.
Crypto-ETF Options Allowed as FLEX Options
NYSE Arca proposes to permit options on the listed crypto-related ETFs (including Grayscale, Bitwise, iShares, Fidelity, ARK21Shares Bitcoin and Ethereum funds listed in the filing) to trade as FLEX Equity Options by removing the specific exclusion in Rule 5.32-O(f)(1). Crypto Assets that qualify under Rule 5.3-O(g)(x) will be treated like other options for purposes of FLEX trading and position/exercise limits.
Rule Changes Became Operative Immediately
The Exchange filed the proposed rule change on March 10, 2026 and the Commission designated the change operative upon filing (waiving the usual 30-day operative delay). The changes therefore took effect immediately upon filing on March 10, 2026.
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