Nasdaq Seeks to Elevate Bitcoin ETF to “Mega‑Cap” Status

On 27 November 2025, Nasdaq’s International Securities Exchange (ISE) formally submitted a proposal to the SEC to increase the position and exercise limits for options on the iShares Bitcoin Trust (IBIT) from 250,000 to 1,000,000 contracts. 

IBIT, which holds spot Bitcoin, was among the first major Bitcoin ETFs to offer options trading, a step originally approved in 2024. 

 Bitcoin just moved a step closer to becoming part of the mainstream financial system. On 27 November, the Nasdaq stock exchange asked US regulators for permission to raise the trading limits on options contracts for the iShares Bitcoin Trust (IBIT) — the most popular Bitcoin ETF.

Options are financial tools that let investors bet on or protect against price moves. Right now, investors are limited to 25,000 options contracts on IBIT. The Nasdaq wants to raise that limit to 1 million, the same level allowed for mega-cap stocks like Apple, Microsoft and the S&P 500 index.

Why does this matter? Because it shows that Bitcoin is now being treated like a large, established financial asset. The proposal reflects growing demand from large investors who want to trade and manage risk around Bitcoin in the same way they do with traditional stocks.

The IBIT fund, launched by BlackRock in January 2024, has become one of the largest holders of Bitcoin. It allows institutions and everyday investors to gain exposure to Bitcoin through regular brokerage accounts, without needing to handle the asset directly.

If the change is approved, banks and investment firms would be able to build bigger strategies around Bitcoin using regulated tools. That means more liquidity, more stability, and more serious money flowing into the space.

However, it also comes with risks. Larger trading limits could lead to bigger price swings if markets move quickly or if traders are forced to adjust positions fast.

Still, the move sends a clear signal: Bitcoin is no longer viewed as a fringe experiment. With this latest push by Nasdaq, Bitcoin is being placed on the same level as the most valuable companies in the world.