Nasdaq filed to raise the current options contract limit of the iShares Bitcoin Trust ETF (IBIT) from 25,000 to 250,000 contracts, representing an exercisable risk of 2.89%, according to a Jan. 6 SEC filing.
According to the filing, the current limit represents only 0.4% of exercisable risk for the spot Bitcoin (BTC) exchange-traded fund (ETF). Jeffrey Park, head of alpha strategies at Bitwise, had previously stated that this is a low number.
A contract limit caps the number of contracts that can be held on the same side of the market. Since it varies by ETF based on the number of outstanding shares and trading volume, Nasdaq’s requirement cited volume growth as a potential driver of the SEC’s approval.
According to the document:
“The Exchange also has no reason to believe that the growth in trading volume in IBIT will not continue. Rather, the Exchange expects continued options volume growth in IBIT as opportunities for investors to participate in the options markets increase an
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