# 2025-09259: Grayscale and Bitwise Bitcoin ETFs Get Options Rule Tweaks

2025-09259, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 2, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 2, To Amend Rules Regarding Position and Exercise Limits for Options on the Grayscale Bitcoin Mini Trust ETF and the Bitwise Bitcoin ETF To Permit Flexible Exchange Options on the Grayscale Bitcoin Mini Trust and the Bitwise Bitcoin ETF, is a Federal Register notice from Securities and Exchange Commission published 2025-05-23, effective The Exchange will announce the implementation date by Trader Update within sixty (60) days of rule approval.; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-09259
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-09259
- Title: Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 2, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 2, To Amend Rules Regarding Position and Exercise Limits for Options on the Grayscale Bitcoin Mini Trust ETF and the Bitwise Bitcoin ETF To Permit Flexible Exchange Options on the Grayscale Bitcoin Mini Trust and the Bitwise Bitcoin ETF
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 22132
- Published: 2025-05-23
- Effective: The Exchange will announce the implementation date by Trader Update within sixty (60) days of rule approval.
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Grayscale and Bitwise Bitcoin ETFs Get Options Rule Tweaks

## Summary

NYSE Arca wants to change the rules for trading options on two popular Bitcoin ETFs: the Grayscale Bitcoin Mini Trust and the Bitwise Bitcoin ETF. They’re proposing to allow more flexible trading options and adjust limits on how many options traders can hold or exercise. The SEC is now reviewing these changes and deciding if they’ll approve them, which could impact how investors trade these Bitcoin-related options soon.

## Effects PRIA read

- Limits Raised from 25,000 to 250,000: benefit, medium. If you trade options on the Grayscale Bitcoin Mini Trust (ticker: BTC) or the Bitwise Bitcoin ETF (ticker: BITB), NYSE Arca proposes removing the 25,000-contract position and exercise limit and applying a 250,000 same-side contract limit per Fund under Rule 6.8-O, Commentary .06(e)(i). Position and…
- FLEX Options Allowed; Positions Aggregated: benefit, medium. NYSE Arca proposes to permit FLEX (customizable) equity options on BTC and BITB and requires that any FLEX and non-FLEX positions in the same Fund be aggregated when calculating position and exercise limits. FLEX positions would count toward the same 250,000-contract limit.
- Position Reporting Rules Stay the Same: cost, low. If you or your firm hold options on BTC or BITB, NYSE Arca will keep existing reporting requirements: members must report options positions and whether positions are hedged and describe hedges, and the customer large-position reporting threshold remains at 200 option contracts. Market Makers remain…
- SEC Review and Decision Timeline: mixed, low. The Securities and Exchange Commission has instituted proceedings under Section 19(b)(2)(B) to decide whether to approve or disapprove the Exchange's proposed rule change, and the Commission designated May 25, 2025 as the date by which it shall approve, disapprove, or institute proceedings to deter…

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## Sources
- [2025-09259 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/23/2025-09259/self-regulatory-organizations-nyse-arca-inc-notice-of-filing-of-amendment-no-2-and-order-instituting)
- [2025-09259 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-23/pdf/2025-09259.pdf)

## Related
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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-09259 (as of 2026-06-08).