Federal Register #SR-CBOE-2026-048

SEC Notice: Cboe Exchange Rule Change for iShares Bitcoin Trust ETF Options Limits

This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by Cboe Exchange, Inc. affecting options trading on the iShares Bitcoin Trust ETF (IBIT): - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - iShares (a BlackRock brand) is the issuer of the Bitcoin Trust ETF (IBIT) - The Options Clearing Corporation (OCC) is referenced regarding a commercial paper program - Products/Services Requested: - Increase in position and exercise limits for options on the iShares Bitcoin Trust ETF (IBIT) from 250,000 to 1,000,000 contracts - Establishment of a commercial paper program by OCC to support liquidity for settlement obligations - Unique or Notable Requirements: - The rule change is intended to enhance market liquidity and efficiency for IBIT options - The new limits align with those for other comparable ETFs - The OCC's commercial paper program is part of a broader liquidity plan to ensure settlement obligations are met - No procurement of goods or services is being solicited; this is a regulatory notice

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by Cboe Exchange, Inc. to amend Rule 8.30 (Position Limits), Interpretation and Policy .07. The amendment increases the position and exercise limits for options on the iShares Bitcoin Trust ETF. The proposal aims to raise the limits from 250,000 contracts to 1,000,000 contracts to enable greater liquidity and accommodate legitimate economic trading strategies. This change is intended to balance the prevention of market manipulation with the facilitation of effective hedging and market making.

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