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
3 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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-09992 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 611
The SEC is asking to keep collecting info from about 305 financial firms to make sure they follow Rule 611, which stops bad trades that hurt investors. These firms spend around 60 hours a year updating their rules to avoid trading at worse prices than others. This extension keeps things running smoothly with an estimated yearly cost of about $9.5 million for legal and compliance work.
2026-09960 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 515A, MIAX Emerald Price Improvement Mechanism and PRIME Solicitation Mechanism
MIAX Emerald is updating its rules to let Market Makers join special auctions called PRIME and cPRIME as potential trading partners. This change helps speed up trades and could improve prices for investors using these options. The new rule took effect right after filing on May 1, 2026, so Market Makers and traders should get ready for smoother, faster deals!
2026-09967 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Chapter 8 of the Exchange's Rulebook Relating To Investigative and Disciplinary Matters
Cboe EDGX Exchange is updating its rules about how it investigates and disciplines its members and their associates. These changes clarify who the Exchange can discipline and improve the process to keep things fair and clear. The new rules took effect right after filing on May 4, 2026, with no new fees involved.
2026-10015 — U.S. Bancorp, et al.; Notice of Application and Temporary Order
U.S. Bancorp and its partners got a temporary green light to keep doing some fund services despite a court order against BTIG from 2022. This temporary okay lasts until the SEC decides on a permanent solution, so things keep running smoothly without money hiccups. If you want to speak up, you’ve got until June 9, 2026, to ask for a hearing.
2026-09990 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend 24X Rule 1.5(c) To Extend by Seven (7) Months the Deadline by Which 24X Must File With the Commission the 24X Market Session Proposed Rule Change Regarding the Commencement of the 24X Market Session
24X National Exchange is getting an extra seven months to file a rule change about when their market session starts. This gives them more time to get everything just right before sharing it with the SEC. Traders and market watchers should keep an eye out for updates, but no money changes or risks are happening right now.
Previous / Next Documents
Previous: 2026-05556 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Rules 11.28 and 11.29 Relating the Regulatory and Operations Trading Halts, Integrate Several Definitions and Concepts From the Amended CTA/CQ Plan, Reorganize Existing Rule 11.18, and To Make Conforming Changes to Related Rules
Cboe BYX Exchange is updating its rules to better handle trading halts and to align with new industry standards. These changes reorganize existing rules, add clear definitions, and make related updates to keep things running smoothly. Traders and market participants should note these updates take effect immediately, with no extra costs involved.
Next: 2026-05558 — Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend and Restate the Second Amended and Restated Cross-Margining Agreement Between FICC and CME and Amend Related GSD Rules
The SEC is reviewing a proposal to update the agreement between the Fixed Income Clearing Corporation (FICC) and the Chicago Mercantile Exchange (CME). This change would let certain broker-dealers and futures merchants combine their margin requirements, making it easier and potentially cheaper to manage risks. The decision will affect financial firms that clear trades through both FICC and CME, with the SEC taking extra time to decide if this rule change should move forward.