Nasdaq opens the door by aiming to remove limits on Bitcoin Ether spot ETF options. Behind the jargon, a simple idea: integrating crypto into traditional derivatives, without exceptional treatment.
In brief
- Nasdaq has asked the SEC to remove the 25,000 contract cap on Bitcoin and Ether ETF options.
- The measure aims to align these crypto options with the rules of “commodity” ETFs and improve the coverage of large players.
- The SEC made the change effective immediately, with the possibility of suspension within 60 days.
A rule that skips, and it's not a detail
Nasdaq filed a rule change with the SEC to remove the 25,000 contract cap (position and exercise) that applied to several Bitcoin and Ether ETF options listed on its exchange.
This withdrawal covers several ETFs, including those linked to BlackRock, Fidelity, Bitwise, Grayscale, ARK/21Shares and VanEck. In short: this is not a micro-optimization for a single fund, but an upgrading of the “playing field”. SEC removes 30-day wait; immediate action, suspension possible within 60 days.
An option gives the right, without obligation, to buy or sell an asset at a fixed price. Caps exist on Bitcoin and ETH to limit overly concentrated positions, excessive speculation and manipulation risks. Nasdaq believes that these limits imposed unequal treatment compared to already established commodity ETFs.
In fact, delete this heading can make options more useful for those who manage risk on a large scale: institutional players, market makers, multi-asset managers. Less cap often means more flexibility to hedge a Bitcoin ETF exposure without tinkering with fragmented positions.
But be careful of the mirror effect: more capacity can also attract more directional activity. The subject is not “more speculation = necessarily better”, it is rather: the options market is becoming more mature, therefore more liquid… and potentially more nervous on days of stress.
The real signal: Nasdaq accelerates its crypto strategy
In November 2025, Nasdaq ISE also pushed a case to sharply increase the limits on options linked to the iShares Bitcoin Trust (IBIT), aiming to increase it to 1 million contracts. This is not the gesture of a hesitant actor. Indeed, it is the language of a stock market that sees structural demand.
This deposit is part of a trajectory. By the end of 2025, Nasdaq had already obtained the framework to list options on crypto ETFs by treating them as commodity-backed trusts, while leaving certain limits in place. There, we move to the next level: we harmonize, and in the same logic, Nasdaq also aligns the crypto indices to strengthen overall coherence.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
