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The Securities and Exchange Commission (SEC) released a notice about a rule change filed by MIAX Sapphire, LLC, aiming to allow the listing and trading of options on Bitcoin-related exchange-traded products (ETPs), such as the Grayscale Bitcoin Trust and Bitwise Bitcoin ETF. This move is seen as beneficial for investors by providing a lower-cost way to manage risk associated with Bitcoin. The proposal establishes a limit of 25,000 contracts for options to prevent market manipulation and ensure investor protection. Options on these Bitcoin Funds will only be available once proper systems are in place to monitor and manage the trading activity.

The New York Stock Exchange Arca (NYSE Arca) has proposed a rule change to increase the position and exercise limits for options on the Grayscale Bitcoin Mini Trust BTC and the Bitwise Bitcoin ETF from 25,000 contracts to 250,000 contracts. This change aims to make market trading more competitive and flexible by allowing more trades and reducing reliance on over-the-counter markets. The proposal also seeks to permit flexible options (FLEX) trading on these bitcoin-related funds, which currently aren't available for FLEX trading. The Securities and Exchange Commission (SEC) is inviting comments on this proposed change to assess its impact on trading and investor protection.