A quiet Nasdaq move just rewired how Wall Street treats Bitcoin
Nasdaq's ISE requested to raise the options position limit for BlackRock's IBIT, integrating Bitcoin into Wall Street's standard risk framework.Summary
The International Securities Exchange (ISE), part of Nasdaq, requested the SEC raise the options position limit for BlackRock’s iShares Bitcoin Trust (IBIT) from 250,000 to one million contracts. This procedural move is significant because it places IBIT into the mega-cap tier, allowing Bitcoin exposure to be managed under the same risk framework used for assets like Apple or the S&P 500. Higher limits enable market makers to hedge large exposures effectively, which was previously restricted, fundamentally changing how Bitcoin flows through institutional portfolios. This development unlocks Bitcoin as raw material for complex financial engineering, such as structured products, though regulatory hurdles like SAB 121 still prevent it from being seamless collateral for banks. While this signals maturity and a shift of price discovery toward regulated US venues, it also introduces risks, as larger limits could accelerate volatility via forced hedging by dealers during parabolic moves, creating a dual-track market with offshore speculation.
(Source：CryptoSlate)