# 2025-15834: Cboe Unleashes Custom Bitcoin ETF Options for Flexible Trading

2025-15834, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 4.20 and 8.35 To Permit Flexible Exchange Options on iShares Bitcoin Trust, Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, and the Bitwise Bitcoin ETF, is a Federal Register notice from Securities and Exchange Commission published 2025-08-20, effective 2025-08-07; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15834
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15834
- Title: Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 4.20 and 8.35 To Permit Flexible Exchange Options on iShares Bitcoin Trust, Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, and the Bitwise Bitcoin ETF
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 40669
- Published: 2025-08-20
- Effective: 2025-08-07
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Cboe Unleashes Custom Bitcoin ETF Options for Flexible Trading

## Summary

Cboe Exchange just made it easier and more flexible to trade options on popular Bitcoin funds like iShares Bitcoin Trust and Grayscale Bitcoin Trust. Starting now, investors can customize their trades with these FLEX options, giving them more control and new ways to invest. This change kicks in immediately and could open up fresh opportunities for anyone trading Bitcoin-related options.

## Effects PRIA read

- FLEX Options Now Allowed on Four Bitcoin Funds: benefit, medium. If you trade options, Cboe now permits Flexible Exchange (FLEX) Equity Options on four Bitcoin exchange-traded funds/trusts: iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), and Bitwise Bitcoin ETF (BITB). FLEX options let traders customize contract…
- 25,000-Contract Aggregated Limit Remains: cost, medium. Cboe will aggregate any FLEX and non-FLEX option positions in the same Fund and apply a 25,000-contract position and exercise limit per Fund. If all options were exercised, that 25,000-contract cap corresponds to up to 2,500,000 shares in a Fund.
- Exchange Trading Reduces OTC Counterparty Risk: benefit, medium. The Exchange states that FLEX Fund Options traded on-exchange should mitigate counterparty credit risk compared with over-the-counter (OTC) contracts because the contracts are issued and guaranteed by The Options Clearing Corporation (OCC) and exchange trading provides greater price discovery and t…
- Rule Change Operative Immediately Upon Filing: benefit, low. The Commission waived the normal 30-day operative delay and designated Cboe's proposed rule change as operative upon filing; the Exchange filed the proposed change on August 7, 2025, so FLEX trading on these Funds became effective upon that filing.

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## Sources
- [2025-15834 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/20/2025-15834/self-regulatory-organizations-cboe-exchange-inc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-15834 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-20/pdf/2025-15834.pdf)

## Related
- [Previous: 2025-15833, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Designation of Longer…](https://policyrisk.com/federal-register/2025-15833)
- [Next: 2025-15835, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and I…](https://policyrisk.com/federal-register/2025-15835)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15834 (as of 2026-06-08).