NYSE Exchanges Remove Position Limits on Options for 11 Bitcoin and Ether ETFs

The U.S. Securities and Exchange Commission approved spot Bitcoin ETFs on January 10, 2024, with related options trading beginning that November. Position and exercise limits were initially set at 25,000 contracts in the same direction for each ETF to curb concentration risk. The relatively low ceiling constrained hedging by market makers and large institutions, making its removal an important step toward bringing crypto-asset derivatives under the rules governing traditional commodity ETFs.

NYSE Arca and NYSE American filed rule changes on March 10, 2026, and the SEC waived the 30-day waiting period, allowing them to take effect immediately. The two exchanges removed the 25,000-contract position and exercise limits on options for 11 Bitcoin and Ether ETFs, including products from BlackRock, Fidelity, Grayscale and Bitwise. The options will instead be subject to the tiered limits applied under general ETF rules.