The Nasdaq International Securities Exchange has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to increase the options position limit for the BlackRock iShares Bitcoin Trust (IBIT) ETF to 1 million contracts.

According to an announcement and document copies released by the SEC on Wednesday, the purpose of setting position limits is to prevent a single investor from controlling too many options contracts on the same underlying asset, thereby reducing the risk of manipulative schemes that could affect prices.

In its filing submitted on November 13, Nasdaq requested to raise the limit for the BlackRock ETF from 250,000 contracts to 1 million, as the exchange has seen continued growth in demand for IBIT, and a lower limit would hinder trading activity and investors' strategies, such as using effective hedging tools or income generation strategies.

Vincent Liu, Chief Investment Officer of Kronos Research, told Cointelegraph that the SEC is likely to approve the proposal because "as long as an asset proves it can support real trading volume, such adjustments are routine. If approved, the order book will be thicker, spreads narrower, and the options market will be more efficient."

Nasdaq had previously submitted a request in January to raise the limit from 25,000 to 250,000, as its trading volume far exceeded the minimum requirement of 100 million.

Liu stated that Nasdaq's push for a "super expansion of IBIT options limits shows that the Bitcoin market is moving away from its auxiliary phase."

"A wider limit means that larger participants can finally hedge, increase positions, and strengthen price discovery. This clearly indicates that crypto derivatives are moving from niche to necessity," he said.

Meanwhile, Bitcoin analyst and author Adam Livingston stated in a series of X posts on Wednesday that Nasdaq's move places BlackRock's Bitcoin ETF in the same category as "the world's largest and most liquid stocks," such as tech giants Apple and Microsoft.

"They are doing this because the market has already decided that Bitcoin is a large-cap asset, regardless of whether Washington likes it. This is the moment every banker secretly fears," he said.

Related: Animoca bets on altcoin rise to attract investors, plans for an initial public offering (IPO)

Original: “Nasdaq plans to ‘super expand’ options limits for BlackRock’s Bitcoin (BTC) ETF”

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