NYSE Exchanges Remove Cap Limiting Crypto Options

Exchanges waive 25,000 contract position limit on options tied to 11 crypto ETFs

Mar. 23, 2026 at 1:10am

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Two New York Stock Exchange-affiliated exchanges, NYSE Arca and NYSE American, have removed the 25,000 contract position limit on options tied to 11 crypto exchange-traded funds. The Securities and Exchange Commission waived the standard 30-day waiting period, allowing the rule changes to take effect immediately.

Why it matters

The removal of the position limits brings crypto options more in line with how other commodity ETF options are treated, giving institutions greater trading flexibility and potentially boosting liquidity. It also allows the crypto options to be traded as FLEX options with customizable terms.

The details

The limits were originally imposed when crypto ETF options first started trading in November 2024 to prevent market manipulation and volatility. The 11 crypto ETFs impacted by the rule changes include products from BlackRock, Fidelity, ARK, Bitwise, and Grayscale. Meanwhile, Nasdaq is also seeking to raise the position limit for BlackRock's Bitcoin ETF to 1 million contracts.

  • The rule changes were filed with the SEC on March 10, 2026.
  • The SEC waived the standard 30-day waiting period, allowing the changes to take effect immediately.

The players

NYSE Arca

A New York Stock Exchange-affiliated exchange that has removed the 25,000 contract position limit on options tied to 11 crypto ETFs.

NYSE American

A New York Stock Exchange-affiliated exchange that has removed the 25,000 contract position limit on options tied to 11 crypto ETFs.

Securities and Exchange Commission (SEC)

The U.S. federal agency that oversees the securities industry, including stock and options exchanges. The SEC waived the standard 30-day waiting period for the NYSE rule changes.

Nasdaq International Securities Exchange

A Nasdaq-affiliated options exchange that is seeking to raise the position limit for BlackRock's Bitcoin ETF to 1 million contracts.

BlackRock

An asset management firm that offers the iShares Bitcoin Trust (IBIT) ETF, which is impacted by the NYSE rule changes.

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What’s next

The proposed rule change by Nasdaq International Securities Exchange to raise the position limit for BlackRock's Bitcoin ETF to 1 million contracts is still under review by the SEC.

The takeaway

The NYSE's decision to remove position limits on crypto options demonstrates the growing maturity and acceptance of crypto-related financial products in traditional markets. This move is expected to increase institutional participation and liquidity in the crypto options space.