NYSE American Revises Crypto Options Trading Limits and Terms
Published Date: 3/23/2026
Notice
Summary
NYSE American is updating its rules for options trading on popular crypto-related ETFs like Bitcoin and Ethereum funds. These changes adjust position limits and terms to keep trading smooth and fair. The new rules took effect right after filing on March 10, 2026, impacting traders and investors dealing with these crypto options.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
25,000‑Contract Cap Removed for Several Crypto ETFs
If you trade options on certain Bitcoin and Ethereum exchange-traded funds (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), the prior 25,000-contract position and exercise limit is removed and position limits will instead be set according to Rule 904, Commentary .07. This change took effect upon filing on March 10, 2026.
FLEX and Non‑FLEX Positions No Longer Aggregated
For the iShares Bitcoin Trust ETF, the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, and the Bitwise Bitcoin ETF, FLEX equity option positions will no longer be aggregated with non‑FLEX positions when calculating position and exercise limits. This change was proposed and became operative upon filing on March 10, 2026.
FLEX Options Allowed for Crypto ETF Options
If you trade options on the listed crypto ETFs (including the Crypto Assets that qualify under Rule 915, Commentary .06(v)), those products may now trade as FLEX options like other options. The Exchange proposed removing the exclusion that prevented these crypto-related products from FLEX trading; the change became operative upon filing on March 10, 2026.
Change Took Effect Immediately Upon Filing
The Exchange filed these rule amendments on March 10, 2026, and the Commission designated the proposal to be operative upon filing, so the rule text changes were effective immediately after filing on March 10, 2026.
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