Notice2025-15520
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Position and Exercise Limits for Options on the VanEck Bitcoin ETF
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 15, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 156 (Friday, August 15, 2025)</title>
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[Federal Register Volume 90, Number 156 (Friday, August 15, 2025)]
[Notices]
[Pages 39457-39459]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15520]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103688; File No. SR-BX-2025-015]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Position
and Exercise Limits for Options on the VanEck Bitcoin ETF
August 12, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 7, 2025, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Options 9, Section 13, Position
Limits, and Section 15, Exercise Limits, related to the listing of
options on the VanEck Bitcoin ETF.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/bx/rulefilings">https://listingcenter.nasdaq.com/rulebook/bx/rulefilings</a> and
at the principal office of the Exchange.
[[Page 39458]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Options 9, Section 13, Position
Limits, and Options 9, Section 15, Exercise Limits, related to the
listing of options on the VanEck Bitcoin ETF.
Recently, Cboe Exchange, Inc. (``Cboe'') received approval to list
and trade options on the VanEck Bitcoin ETF.\3\ Thereafter, Nasdaq ISE,
LLC (``ISE'') filed a rule proposal to list and trade options on shares
on an Exchange-Traded Fund or ``ETF'' that represent units of interest
in the VanEck Bitcoin ETF.\4\ BX's Options 4 Rules were amended by the
ISE rule change as those Rules are incorporated by reference to ISE's
Options 4 Rules, so BX has the ability to list options on the VanEck
Bitcoin ETF. The Cboe VanEck Filing stated that the position and
exercise limits for options on the VanEck Bitcoin ETF shall be 25,000
contracts. At this time, the Exchange proposes to amend BX Option 9,
Section 13 and Options 9, Section 15 to similarly note that options on
the VanEck Bitcoin ETF shall have a position limit of 25,000 contracts
to mirror the Cboe VanEck Filing.
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\3\ See Securities Exchange Act Release No. 103569 (July 29,
2025) (SR-Cboe-2025-017) (not yet noticed) (``Cboe VanEck Filing'').
\4\ See SR-ISE-2025-23.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\6\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
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\5\ 15 U.S.C. 78f(b)
\6\ 15 U.S.C. 78f(b)(5).
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The Exchange's proposal to amend Options 9, Section 13, Position
Limits, and Options 9, Section 15, Exercise Limits, to provide that the
position and exercise limits for options on the VanEck Bitcoin ETF
shall be 25,000 contracts is consistent with the Act as it will conform
BX's options position and exercise limits for the VanEck Bitcoin ETF
with ISE's options position and exercise limits for the VanEck Bitcoin
ETF to align those limits.\7\
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\7\ The Exchange believes that other exchanges will adopt
position and exercise limits of 25,000 contracts for options on the
VanEck Bitcoin ETF. All Nasdaq affiliated markets are filing to
adopt a 25,000 contract position and exercise limit for options on
the VanEck Bitcoin ETF.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
Amending Options 9, Sections 13 and 15 to provide that the position
and exercise limits for options on the VanEck Bitcoin ETF shall be
25,000 contracts does not impose an undue burden on competition as the
position and exercise limits will apply to all trading for options on
the VanEck Bitcoin ETF trading on the Exchange as well as those trading
on other exchanges that file a similar proposal.\8\
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\8\ All Nasdaq affiliated markets are filing to adopt a 25,000
contract position and exercise limit for options on the VanEck
Bitcoin ETF.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \9\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \11\ under the
Act does not normally become operative prior to 30 days after the date
of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the
Commission may designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposal may become operative immediately upon filing. The
Commission previously approved the listing of options on shares of the
VanEck Bitcoin ETF.\13\ As noted above, the Exchange's Options 4 Rules
were amended by an ISE rule change \14\ as those Rules are incorporated
by reference to ISE's Options 4 Rules, so the Exchange has the ability
to list the options on shares of the VanEck Bitcoin ETF. This proposal
establishes position and exercise limits for options on shares of the
VanEck Bitcoin ETF. The Commission believes that waiver of the
operative delay could benefit investors by assuring that trading in
VanEck Bitcoin ETF options are subject to the same position and
exercise limits in place on other exchanges. Therefore, the Commission
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. Accordingly, the
Commission hereby waives the 30-day operative delay and designates the
proposed rule change as operative upon filing.\15\
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\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ See supra note 3.
\14\ See supra note 4.
\15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
[[Page 39459]]
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c8babda4ade5aba7a5a5ada6bcbb88bbadabe6afa7be"><span class="__cf_email__" data-cfemail="6715120b024a04080a0a020913142714020449000811">[email protected]</span></a>. Please include
file number SR-BX-2025-015 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-BX-2025-015. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-BX-2025-015 and should be submitted on
or before September 5, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15520 Filed 8-14-25; 8:45 am]
BILLING CODE 8011-01-P
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