Two NYSE-linked exchanges have put new crypto ETF options rules into effect after filings cleared the SEC process.
Summary
- NYSE Arca and NYSE American removed position limits on options tied to 11 crypto ETFs.
- The SEC waived the usual waiting period, allowing the new crypto options rules to take effect immediately.
- The rule change gives institutions more flexibility and allows crypto ETF options to trade as FLEX contracts.
NYSE Arca and NYSE American removed the 25,000-contract position and exercise limit for options tied to 11 spot Bitcoin and Ether exchange-traded funds, giving those products broader trading terms.
NYSE Arca filed its proposed rule change on March 10, 2026, to revise rules for options on certain crypto-linked ETFs. The filing covered products that had been trading under a 25,000-contract cap since their launch phases.
NYSE American filed a similar proposal on the same date. Its filing also removed the fixed 25,000-contract limit and updated the exchange’s rules so those options can follow the broader position-limit structure already used for other eligible products.
SEC waiver made the changes effective at once
Both filings became effective under Rule 19b-4(f)(6). In each case, the SEC said the standard 30-day operative delay could be waived because the changes aligned crypto ETF options rules with those used by other exchanges and did not create new regulatory issues.
The Federal Register notices state that the Commission designated both proposals to be operative upon filing. In the notices, the SEC wrote that waiving the delay was consistent with investor protection and the public interest, making the new rules active without waiting another month.
Furthermore, the rule changes affect 11 crypto ETF options. The list includes BlackRock’s iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, Grayscale Bitcoin Trust, Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini Trust ETF, Bitwise Ethereum ETF, iShares Ethereum Trust ETF, and Fidelity Ethereum Fund.
Earlier filings had already removed some limits for a smaller group of Bitcoin ETF options, including GBTC, the Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, and IBIT. The new March 2026 changes extend similar treatment across the full set of listed crypto ETF options covered by these exchange rules.
FLEX options and larger positions now get more room
The updates also allow these crypto ETF options to trade as FLEX options under the revised rules. FLEX contracts let market participants customize terms such as strike prices, expiration dates, and exercise styles instead of using only standard listed terms.
NYSE American’s filing says the exchange wants these crypto asset options treated like other options for position, exercise, and FLEX trading purposes. A separate Nasdaq ISE proposal still seeks to raise the position limit for IBIT options to 1 million contracts, and that proposal remains under SEC review.