Nasdaq Tweaks Rules for Trading Bitcoin ETF Options Immediately
Published Date: 8/14/2025
Notice
Summary
Nasdaq PHLX is updating rules for options trading on certain Bitcoin-related ETFs like IBIT, BTC, BITB, and GBTC. These changes adjust position limits and FLEX options to better manage risks and trading activities. The new rules took effect right after filing on August 6, 2025, impacting traders and investors dealing with these Bitcoin ETFs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Bigger Options Position Limits for Bitcoin ETFs
Nasdaq PHLX removed the 25,000-contract cap for options on IBIT, BTC, BITB, and GBTC so those options may be subject to a 250,000-contract same-side position and exercise limit under Phlx Options 9, Section 13(g). The change took effect upon filing on August 6, 2025, and those symbols will be reviewed every six months under Options 9, Section 13(h).
Large-Position Reporting Stays in Place
Phlx will keep its existing reporting requirements for these ETF options: participants must report large same-side option positions and describe hedges, and customers who held aggregate positions of 200 or more option contracts in a single class on the prior day must be reported. Market Makers remain exempt from the reporting requirement, although the Exchange may access Market Maker position information.
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