納斯達克尋求 SEC 批准提高 IBIT 期權限額，反映出市場對比特幣的興趣不斷增長

納斯達克選擇權交易所已向美國證券交易委員會 (SEC) 提交了一份重要提案，尋求批准增加 iShares 比特幣信託 ETF (IBIT) 選擇權的持股和行使限額。

The Nasdaq options exchange has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to increase the position and exercise limits for options on the iShares Bitcoin Trust ETF (IBIT).

納斯達克選擇權交易所已向美國證券交易委員會（SEC）提交了一份提案，以增加 iShares 比特幣信託 ETF（IBIT）選擇權的持股和行使限額。

Currently, the position and exercise limits for IBIT options are relatively low compared to other exchange-traded funds (ETFs), making it difficult for institutional investors to fully participate in the growing Bitcoin market. The Nasdaq proposal to increase these limits would enable investors, particularly large-scale institutional players, to better manage risk and enhance liquidity within the market.

目前，與其他交易所交易基金（ETF）相比，IBIT選擇權的持倉和行權限額相對較低，這使得機構投資者難以充分參與不斷增長的比特幣市場。納斯達克提高這些限額的提議將使投資者，特別是大型機構參與者能夠更好地管理風險並增強市場內的流動性。

The move comes as IBIT, with a market capitalization of $46.8 billion and an average daily trading volume of 39.4 million shares, has seen significant growth in both trading volume and liquidity.

此舉正值IBIT市值達468億美元、日均交易量達3,940萬股之際，其成交量及流動性均顯著成長。

The proposed limit of 250,000 contracts is viewed as a conservative measure relative to other well-established ETFs like the SPDR Gold Shares (GLD) and iShares Silver Trust (SLV). If approved, the new limit would represent only 2.89% of IBIT’s total float, which is considerably lower than the position limits for GLD (8.17% of float) and SLV (4.8% of float).

相對於 SPDR Gold Shares (GLD) 和 iShares Silver Trust (SLV) 等其他成熟的 ETF，建議的 250,000 份合約限制被視為保守措施。如果獲得批准，新限額將僅佔 IBIT 總流通量的 2.89%，這大大低於 GLD（流通量的 8.17%）和 SLV（流通量的 4.8%）的頭寸限制。

According to the Nasdaq ISE filing, the IBIT ETF’s new limits would be more cautious than other similar ETFs while still addressing the growing demand for Bitcoin exposure. In comparison, a position limit in other popular ETFs, such as BITO, would represent a higher percentage of the float (23.22%). This makes Nasdaq’s proposed 250,000 contracts for IBIT options a more prudent choice, especially given the volatile nature of Bitcoin and the need for a well-regulated and liquid market.

根據納斯達克 ISE 備案，IBIT ETF 的新限額將比其他類似 ETF 更加謹慎，同時仍能滿足對比特幣風險增加的需求。相較之下，其他受歡迎的 ETF（例如 BITO）的部位限制將佔流通量的比例更高（23.22%）。這使得納斯達克提議的 25 萬份 IBIT 選擇權合約成為更謹慎的選擇，特別是考慮到比特幣的波動性以及對監管良好和流動性市場的需求。

If the proposal is approved by the SEC, the higher limits would enhance the overall market liquidity for IBIT options, allowing investors to trade these options more efficiently. The exchange believes that this change will create a more competitive environment for IBIT options, ultimately benefiting market participants, especially those using these options for hedging purposes in response to fluctuations in Bitcoin prices.

如果該提案獲得 SEC 批准，更高的限額將增強 IBIT 選擇權的整體市場流動性，使投資者能夠更有效地交易這些選擇權。該交易所認為，這項變更將為 IBIT 選擇權創造一個更具競爭性的環境，最終使市場參與者受益，特別是那些使用這些選擇權進行對沖目的以應對比特幣價格波動的人。

The increase in position limits is also expected to foster greater market participation from institutional investors, who typically seek larger positions in their trades. As the IBIT ETF continues to grow in popularity, allowing for greater flexibility in trade execution could prove essential in making the Bitcoin asset class more accessible to a broader range of investors.

頭寸限制的增加預計還將促進機構投資者更多地參與市場，他們通常會在交易中尋求更大的頭寸。隨著 IBIT ETF 的不斷普及，允許交易執行具有更大的靈活性可能對於讓更廣泛的投資者更容易獲得比特幣資產類別至關重要。

The SEC has 45 days to review the proposed amendment and decide whether to approve or disapprove the changes. In the meantime, the Nasdaq ISE’s filing emphasizes that increasing the position and exercise limits will not only help create a more liquid and competitive market for IBIT options, but also align the fund with regulatory standards similar to those of other major ETFs.

SEC 有 45 天的時間審查擬議的修正案並決定是否批准或不批准這些變更。同時，納斯達克ISE 的文件強調，增加頭寸和行權限額不僅有助於為IBIT 期權創造一個更具流動性和競爭性的市場，而且還能使該基金符合與其他主要ETF 類似的監管標準。

Last September, the SEC approved rule changes allowing Nasdaq ISE to list and trade options on BlackRock’s IBIT, providing investors with a regulated environment to hedge against the fluctuations in Bitcoin prices. Nasdaq also plans to further expand its offerings by seeking approval for Bitcoin options trading under the CME CF Bitcoin Real-Time Index, a move that mirrors similar efforts from the New York Stock Exchange (NYSE) to enter the growing digital asset market.

去年 9 月，SEC 批准了規則變更，允許納斯達克 ISE 在貝萊德 IBIT 上上市和交易選擇權，為投資者提供了一個受監管的環境來對沖比特幣價格的波動。納斯達克還計劃通過尋求CME CF 比特幣實時指數下的比特幣期權交易的批准來進一步擴大其產品範圍，此舉反映了紐約證券交易所(NYSE) 為進入不斷增長的數位資產市場所做的類似努力。