纳斯达克寻求 SEC 批准提高 IBIT 期权限额，反映出市场对比特币的兴趣不断增长

纳斯达克期权交易所已向美国证券交易委员会 (SEC) 提交了一份重要提案，寻求批准增加 iShares 比特币信托 ETF (IBIT) 期权的持仓和行使限额。

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).

纳斯达克期权交易所已向美国证券交易委员会（SEC）提交了一份提案，以增加 iShares 比特币信托 ETF（IBIT）期权的持仓和行使限额。

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，与其他交易所交易基金（ETF）相比，IBIT期权的持仓和行权限额相对较低，这使得机构投资者很难充分参与不断增长的比特币市场。纳斯达克提高这些限额的提议将使投资者，特别是大型机构参与者能够更好地管理风险并增强市场内的流动性。

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.

此举正值IBIT市值达468亿美元、日均交易量达3940万股之际，其交易量和流动性均显着增长。

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).

相对于 SPDR Gold Shares (GLD) 和 iShares Silver Trust (SLV) 等其他成熟的 ETF，拟议的 250,000 份合约限制被视为保守措施。如果获得批准，新限额将仅占 IBIT 总流通量的 2.89%，这大大低于 GLD（流通量的 8.17%）和 SLV（流通量的 4.8%）的头寸限制。

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.

根据纳斯达克 ISE 文件，IBIT ETF 的新限额将比其他类似 ETF 更为谨慎，同时仍能满足对比特币敞口不断增长的需求。相比之下，其他受欢迎的 ETF（例如 BITO）的头寸限制将占流通量的比例更高（23.22%）。这使得纳斯达克提议的 250,000 份 IBIT 期权合约成为更加谨慎的选择，特别是考虑到比特币的波动性以及对监管良好和流动性市场的需求。

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.

如果该提案获得 SEC 批准，更高的限额将增强 IBIT 期权的整体市场流动性，使投资者能够更有效地交易这些期权。该交易所认为，这一变化将为 IBIT 期权创造一个更具竞争性的环境，最终使市场参与者受益，特别是那些使用这些期权进行对冲目的以应对比特币价格波动的人。

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.

头寸限制的增加预计还将促进机构投资者更多地参与市场，他们通常会在交易中寻求更大的头寸。随着 IBIT ETF 的不断普及，允许交易执行具有更大的灵活性可能对于让更广泛的投资者更容易获得比特币资产类别至关重要。

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 天的时间审查拟议的修正案并决定是否批准或不批准这些变更。与此同时，纳斯达克 ISE 的文件强调，增加头寸和行权限额不仅有助于为 IBIT 期权创造一个更具流动性和竞争性的市场，而且还能使该基金符合与其他主要 ETF 类似的监管标准。

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 批准了规则变更，允许纳斯达克 ISE 在贝莱德的 IBIT 上上市和交易期权，为投资者提供了一个受监管的环境来对冲比特币价格的波动。纳斯达克还计划通过寻求 CME CF 比特币实时指数下的比特币期权交易的批准来进一步扩大其产品范围，此举反映了纽约证券交易所 (NYSE) 为进入不断增长的数字资产市场所做的类似努力。