Cboe Updates Bitcoin and Ethereum Options Rules – Crypto Traders Take Note
Published Date: 3/13/2026
Notice
Summary
Cboe Exchange is updating its rules for options tied to popular Bitcoin and Ethereum ETFs and trusts. These changes adjust which securities qualify, and tweak position and exercise limits to keep trading fair and smooth. Traders and investors dealing with these crypto-related options should note the new rules are effective immediately, helping manage risk without changing costs.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Crypto ETF Options Treated Like Other Commodity ETFs
The Exchange moved options on specified Bitcoin and Ethereum ETFs and trusts into its generic Commodity-Based Trust listing standard (Rule 4.3, Interpretation and Policy .06(a)(6)). This applies to options on the Fidelity Wise Origin Bitcoin Fund; ARK 21Shares Bitcoin ETF; iShares Bitcoin Trust; Fidelity Ethereum Fund; Grayscale Bitcoin Trust and Mini Trust; Bitwise Bitcoin ETF; Bitwise Ethereum ETF; Grayscale Ethereum Trust and Mini Trust; iShares Ethereum Trust; and VanEck Bitcoin ETF.
FLEX Options Now Allowed on Crypto ETFs
The Exchange removed prior exceptions and now permits FLEX (customizable) equity options on the listed Bitcoin and Ethereum ETFs and trusts in the same manner as other equity securities (amendment to Rule 4.20). The change became operative upon filing (filed February 24, 2026).
25,000-Contract Limit Deleted; Standard Limits Apply
The Exchange deleted the prior 25,000-contract position (and exercise) limit for specified Crypto Asset options and will instead apply the Exchange's standard position limit framework in Rule 8.30.02, which is based on objective criteria like trading volume and market capitalization. The change is operative upon filing (filed February 24, 2026).
FLEX and Non-FLEX Positions No Longer Aggregated
For the iShares Bitcoin Trust, Grayscale Bitcoin Trust, Grayscale Bitcoin Mini Trust, and Bitwise Bitcoin ETF, the Exchange deleted the rule that aggregated FLEX equity option positions with non-FLEX positions for position- and exercise-limit calculations (deletion of Rule 8.35(c)(1)(C)). This change is operative upon filing (filed February 24, 2026).
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-06475 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Cboe Rule 5.4
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