The NYSE-affiliated exchanges NYSE Arca and NYSE American have removed the 25,000-contract position limit on options tied to 11 crypto ETF options, aligning treatment with other commodity ETFs and potentially boosting liquidity.

These changes also lift restrictions that prevented these products from trading as FLEX options, enabling customizable strike prices and expiration dates for institutional use.

Affected funds include 11 crypto ETF options such as BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise and Grayscale’s Bitcoin ETFs.

Outlook: the infrastructure is in place, and the key question is whether the changes translate into higher options volume and deeper liquidity, to be observed in Q2 2026 trading data.

The comment period for the NYSE filings closes on April 13, 2026.

The SEC noted there are no novel regulatory issues and that the changes align with what rival exchanges have already implemented.

Market context: BTC ETFs hold nearly $91 billion in net assets, with macro volatility, oil price surges, and fading rate-cut expectations potentially influencing liquidity and volume in Q2 2026.

Nasdaq ISE has a pending proposal to raise IBIT-specific options position limits to 1 million contracts, currently under SEC review, aiming for parity with large equity ETFs.

Nasdaq International Securities Exchange is also seeking to raise the IBIT contract position limit to 1 million, with the Grayscale Bitcoin Trust ETF limit having been removed earlier, and this proposal under SEC review as of late February.

The SEC acknowledged the rule changes and waived the standard 30-day waiting period, making the changes effective immediately and affecting 11 crypto ETF options.

New rules allow options on these ETFs to follow each exchange’s standard framework based on volume and shares outstanding, with potential limits of 250,000 contracts or more for large, liquid ETFs.

Context: Crypto ETF options began with limits in November 2024, and removing these limits continues a trend toward expanded access, following a July decision to remove a similar limit for the Grayscale Bitcoin Trust ETF (GBTC).