Cboe Adds PM Bitcoin ETF Options with Unusual Expiration Twists
Published Date: 9/22/2025
Notice
Summary
Cboe Exchange is adding new options that settle in the afternoon for its Bitcoin U.S. ETF Index and Mini Bitcoin U.S. ETF Index. These options will have special expiration dates, including every third Friday, some unusual dates, and quarterly expirations. This change helps traders get more flexible ways to trade Bitcoin ETFs, starting soon with faster approval from the SEC.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New P.M.-Settled Bitcoin ETF Options
The SEC approved Cboe to list p.m.-settled options on the Cboe Bitcoin U.S. ETF Index (CBTX) and the Mini-Cboe Bitcoin U.S. ETF Index (MBTX). These options may have third-Friday expirations, Weekly Expirations on any Monday–Friday (other than the third Friday or end-of-month), end-of-month (EOM) expirations, and quarterly index expirations (QIXs). The approval was made on an accelerated basis (order dated September 17, 2025; published September 22, 2025).
Shorter Last-Day Trading Window
On their last trading day, expiring p.m.-settled CBTX and MBTX options that expire on Expiration Fridays may be traded on the Exchange between 9:30 a.m. and 4:00 p.m. Eastern Time (regular non-expiring trading hours are 9:30 a.m. to 4:15 p.m.).
Position Limits Aggregation and Caps
The Exchange will aggregate positions in Nonstandard Expirations Program series, QIXs, and P.M.-Settled Third Friday Index Options with other options in the same index class for position limit purposes. Current position and exercise limits for CBTX and MBTX options are 24,000 contracts (and may not exceed 31,500 without rule changes).
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