[Federal Register Volume 90, Number 146 (Friday, August 1, 2025)]
[Notices]
[Pages 36253-36257]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-14549]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103567; File No. SR-NYSEARCA-2025-07]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a
Proposed Rule Change, as Modified by Amendment No. 3, To Amend Rules
Regarding Position and Exercise Limits for Options on the Grayscale
Bitcoin Trust (``GBTC'') and To Permit Flexible Exchange Options on
GBTC
July 29, 2025.
I. Introduction
On January 29, 2025, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the position and exercise limits for
options on the Grayscale Bitcoin Trust ETF (``GBTC'') and to permit
options on GBTC to trade as Flexible Exchange (``FLEX'') Equity Options
(``FLEX GBTC options'').\3\ On February 7, 2025, the Exchange filed
Amendment No. 1 to the proposed rule change.\4\ The proposed rule
change, as modified by Amendment No. 1, was published for comment in
the Federal Register on February 18, 2025.\5\ On March 12, 2025,
pursuant to Section 19(b)(2) of the Act,\6\ the Commission designated a
longer period within which to approve the proposal, disapprove the
proposal, or institute proceedings to determine whether to disapprove
the proposal.\7\ On April 28, 2025, the Exchange filed Amendment No. 2
to the proposal. On May 6, 2025, the Exchange withdrew Amendment No. 2
and filed Amendment No. 3, which supersedes and replaces the original
filing in its entirety.\8\ On May 23, 2025, the
[[Page 36254]]
Commission published notice of Amendment No. 3 and instituted
proceedings under Section 19(b)(2)(B) of the Act \9\ to determine
whether to approve or disapprove the proposal, as modified by Amendment
No. 3.\10\ The Commission received a comment on the proposal.\11\ This
order approves the proposal, as modified by Amendment No. 3.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ The Exchange's initial proposal refers to the ``Grayscale
Bitcoin Trust (BTC) (``GBTC'').'' Amendment No. 3 to the proposal,
which supersedes and replaces the original filing in its entirety,
refers to ``the Grayscale Bitcoin Trust ETF (``GBTC'').'' The
Exchange's rules use the term ``exchange-traded fund'' to refer to
several types of investment products. See Exchange Rule 5.3-O(g).
GBTC is not a registered investment company under the Investment
Company Act of 1940. See Form 10-Q, dated May 2, 2025, available at
https://www.sec.gov/Archives/edgar/data/1588489/000095017025062731/gbtc-20250331.htm.
\4\ Amendment No. 1 revised the proposal to correct rule marking
errors in Exhibit 5 of the proposal.
\5\ See Securities Exchange Act Release No. 102402 (Feb. 11,
2025), 90 FR 9765 (Feb. 18, 2025).
\6\ 15 U.S.C. 78s(b)(2).
\7\ See Securities Exchange Act Release No. 102629 (Mar. 12,
2025), 90 FR 12630 (Mar. 18, 2025). The Commission designated May
19, 2025, as the date by which the Commission shall approve or
disapprove, or institute proceedings to determine whether to approve
or disapprove, the proposed rule change.
\8\ Amendment No. 3 revises the proposal to: make clear that by
removing the current 25,000 contract position limit for GBTC in
Exchange Rule 6.8-O, Commentary .06(f), GBTC will be subject to the
position limits in Exchange Rule 6.8-O, Commentary .06(a)-(e) that
apply to other equity options; make clear that any FLEX and non-FLEX
positions in the GBTC must be aggregated for purposes of calculating
the position and exercise limits; indicate that, under Exchange Rule
6.9-O, exercise limits for options on an underlying security are the
same as the position limits for options on that underlying; state
that the Exchange would be able to obtain information regarding
trading in shares of GBTC (rather than ``trading activity in the
pertinent underlying securities'') on other exchanges through the
Intermarket Surveillance Group; revise the analysis supporting the
proposed position and exercise limits; and make a technical change
to replace rule text references to ``the Grayscale Bitcoin Trust BTC
(BTC)'' with its ticker symbol, ``GBTC.''
\9\ 15 U.S.C. 78s(b)(2)(B).
\10\ See Securities Exchange Act Release No. 103066 (May 19,
2025), 90 FR 22120 (May 23, 2025) (``Notice and Order Instituting
Proceedings'').
\11\ This comment is available at https://www.sec.gov/comments/sr-nysearca-2025-07/srnysearca202507-1793014.htm and it does not
address issues related to the proposal.
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II. Description of the Proposed Rule Change, as Modified by Amendment
No. 3
As described more fully in the Notice and Order Instituting
Proceedings, the Exchange proposes to amend its rules to provide for
the trading of FLEX GBTC options and to apply the position limits in
Exchange Rule 6.8-O, Commentary .06(a)-(e) to GBTC options.\12\ Under
Exchange Rule 6.9-O, Commentary .01, the exercise limits for options on
an underlying security are the same as the position limits for options
on that security.\13\
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\12\ Exchange Rule 6.8-O establishes a position limit of 250,000
contracts on the same side of the market for options on an
underlying stock or ETF that had trading volume of at least
100,000,000 shares during the most recent six-month trading period
or that had trading volume of at least 75,000,000 shares during the
most recent six-month trading period and has at least 300,000,000
shares currently outstanding; 200,000 contracts on the same side of
the market for options on an underlying stock or ETF that had
trading volume of at least 80,000,000 shares during the most recent
six-month trading period or that had trading volume of at least
60,000,000 shares during the most recent six-month trading period
and has at least 240,000,000 shares currently outstanding; 75,000
contracts on the same side of the market for options on an
underlying stock or ETF that had trading volume of at least
40,000,000 shares during the most recent six-month trading period or
that had trading volume of at least 30,000,000 shares during the
most recent six-month trading period and has at least 120,000,000
shares currently outstanding; 50,000 contracts on the same side of
the market for options on an underlying stock or ETF that had
trading volume of at least 20,000,000 shares during the most recent
six-month trading period or trading volume of at least 15,000,000
shares during the most recent six-month trading period and at least
40,000,000 shares currently outstanding; and 25,000 contracts on the
same side of the market for options on an underlying stock or ETF
that does not satisfy the criteria for a higher limit.
\13\ See Exchange Rule 6.9-O, Commentary .01 and Notice and
Order Instituting Proceedings, 90 FR at 22121, footnote 14.
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Position and Exercise Limits
The Exchange proposes to eliminate the current 25,000-contract
position limit in Exchange Rule 6.8-O, Commentary .06(f) for GBTC
options and to apply to GBTC options the position and exercise limits
that apply to other equity options, i.e., the position and exercise
limits in Exchange Rules 6.8-O, Commentary .06(a)-(e) and 6.9-O.\14\
Under Exchange Rule 6.8-O, Commentary .06(e), position limits for
options on GBTC would be subject to six-month reviews to determine
future position and exercise limits.\15\ The Exchange states that GBTC
options qualify for the 250,000-contract limit in Exchange Rule 6.8-O,
Commentary .06(e)(i), which requires that trading volume for the
underlying security in the most recent six months be at least
100,000,000 shares.\16\
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\14\ See Notice and Order Instituting Proceedings, 90 FR at
22120, footnote 8.
\15\ See id. at 22122. Exchange Rule 6.8-O, Commentary .06(e)
states that the Exchange will review the volume and outstanding
share information on all underlying stocks and ETF shares on which
options are traded on the Exchange every six months to determine
which limit will apply.
\16\ See id. and footnote 12 supra.
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The Exchange states that the reporting requirement for GBTC options
will remain unchanged and that the Exchange will continue to require
each member that maintains positions in GBTC options, on the same side
of the market, for its own account or for the account of a customer, to
report certain information to the Exchange, including the options
positions, whether such positions are hedged and, if so, a description
of the hedge(s).\17\ In addition, the Exchange states that its
requirement that members file reports with the Exchange for any
customer who held aggregate large long or short positions on the same
side of the market of 200 or more option contracts of any single class
for the previous day will remain at this level.\18\
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\17\ See Notice and Order Instituting Proceedings, 90 FR at
22123.
\18\ See id.
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FLEX GBTC Options
The Exchange proposes to permit the trading of FLEX GBTC options.
The Exchange states that FLEX options on ETFs are currently traded in
the over-the-counter (``OTC'') market by a variety of market
participants, including hedge funds, proprietary trading firms, and
pension funds.\19\ The Exchange states its market for FLEX GBTC options
would be more transparent than the OTC market for such options, and
that FLEX GBTC options traded on the Exchange present less counter-
party credit risk because they would be issued and guaranteed by the
Options Clearing Corporation (``OCC'').\20\ Under the proposal
positions in FLEX GBTC options will be aggregated with positions in
non-FLEX options on GBTC for the purpose of calculating position and
exercise limits.\21\ For example, the Exchange states that, assuming a
250,000-contract position limit for options on GBTC, the Exchange
``would restrict a market participant from holding positions that could
result in the receipt of more than 250,000,000 [sic] shares (if that
market participant exercised all its GBTC options).'' \22\
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\19\ See id. at 22124.
\20\ See id.
\21\ See proposed Exchange Rule 5.35-O(b)(iii). Under Exchange
Rule 6.9-O, exercise limits for options on GBTC will be the same as
the position limits for options on GBTC. See Exchange Rule 6.9-O and
Notice and Order Instituting Proceedings, 90 FR 22122 at footnote
32.
\22\ Notice and Order Instituting Proceedings, 90 FR at 22123. A
position of 250,000 GBTC options would represent 25,000,000 shares
of GBTC.
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The Exchange states that it has analyzed its capacity and
represents that it and the Options Price Reporting Authority have the
necessary systems capacity to handle the additional traffic associated
with the listing of FLEX GBTC options.\23\ In addition, the Exchange
states that it believes that OTP Holders will not have a capacity issue
as a result of the proposal.\24\ The Exchange further states that it
will monitor the trading volume associated with the additional options
series listed as a result of the proposed rule change and the effect
(if any) of these additional series on market fragmentation and on the
capacity of the Exchange's automated systems.\25\ The Exchange states
that the same surveillance procedures applicable to other options
products listed and traded on the Exchange, including non-FLEX GBTC
options, will apply to FLEX GBTC options, and that FLEX options
products (and their respective symbols) are integrated into the
Exchange's existing surveillance system architecture and are thus
subject to the relevant surveillance processes.\26\ The Exchange
further states that its market surveillance staff (including staff of
the Financial Industry Regulatory Authority, Inc. (``FINRA''), who
perform surveillance and investigative work on behalf of the Exchange
pursuant to a regulatory services agreement) conducts surveillances
with respect to GBTC (the underlying ETF) and, as appropriate, would
review activity in GBTC when
[[Page 36255]]
conducting surveillances for market abuse or manipulation in the FLEX
GBTC options.\27\ In addition, the Exchange states that it is a member
of the Intermarket Surveillance Group (``ISG'').\28\ The Exchange
states that ISG members work together to coordinate surveillance and
investigative information sharing in the stock, options, and futures
markets.\29\ The Exchange states that, in addition to the surveillance
that is conducted by the Exchange's market surveillance staff, the
Exchange would also be able to obtain information regarding trading in
shares of GBTC on other exchanges through ISG.\30\ The Exchange does
not believe that allowing FLEX GBTC options would render the
marketplace for non-FLEX GBTC options, or equity options in general,
more susceptible to manipulative practices.\31\ The Exchange represents
that its existing trading surveillances are adequate to monitor the
trading in GBTC as well as any subsequent trading of FLEX GBTC options
on the Exchange.\32\ The Exchange states that it has a regulatory
services agreement with FINRA, pursuant to which FINRA conducts certain
surveillances on behalf of the Exchange.\33\ The Exchange further
states that, pursuant to a multi-party 17d-2 joint plan, all options
exchanges allocate regulatory responsibilities to FINRA to conduct
certain options-related market surveillances.\34\ In addition, the
Exchange states that it will implement any additional surveillance
procedures it deems necessary to effectively monitor the trading of
GBTC options.\35\
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\23\ See id. at 22124.
\24\ See id.
\25\ See id.
\26\ See id.
\27\ See id.
\28\ See id.
\29\ See id.
\30\ See id.
\31\ See id.
\32\ See id.
\33\ See id.
\34\ See id.
\35\ See id.
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III. Discussion and Commission Findings
After careful consideration, the Commission finds that the proposed
rule change, as modified by Amendment No. 3, is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange,\36\ and, in particular,
the requirements of Section 6 of the Act.\37\ Specifically, the
Commission finds that the proposed rule change, as modified by the
Amendment No. 3, is consistent with Section 6(b)(5) of the Act,\38\
which requires, among other things, that an exchange have rules
designed to prevent fraudulent and manipulative acts and practices and
to protect investors and the public interest.
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\36\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\37\ 15 U.S.C. 78f.
\38\ 15 U.S.C. 78f(b)(5).
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A. Position and Exercise Limits
Position and exercise limits serve as a regulatory tool designed to
deter manipulative schemes and adverse market impact surrounding the
use of options. Since the inception of standardized options trading,
the options exchanges have had rules limiting the aggregate number of
options contracts that a member or customer may hold or exercise.
Options position and exercise limits are intended to prevent the
establishment of options positions that can be used or might create
incentives to manipulate or disrupt the underlying market to benefit
the options position.\39\ In addition, such limits serve to reduce the
possibility of disruption in the options market itself, especially in
illiquid classes.\40\ As the Commission has previously recognized,
markets with active and deep trading interest, as well as with broad
public ownership, are more difficult to manipulate or disrupt than less
active and deep markets with smaller public floats.\41\ The Commission
also has recognized that position and exercise limits must be
sufficient to prevent investors from disrupting the market for the
underlying security by acquiring and exercising a number of options
contracts disproportionate to the deliverable supply and average
trading volume of the underlying security.\42\ At the same time, the
Commission has recognized that limits must not be established at levels
that are so low as to discourage participation in the options market by
institutions and other investors with substantial hedging needs or to
prevent specialists and market-makers from adequately meeting their
obligations to maintain a fair and orderly market.\43\
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\39\ See Securities Exchange Act Release No. 39489 (Dec. 24,
1997), 63 FR 276, 279 (Jan. 5., 1998) (order approving File No. SR-
Cboe-97-11) (``Position Limit Order'').
\40\ Id.
\41\ Id.
\42\ See, e.g., Securities Exchange Act Release Nos. 21907 (Mar.
29, 1985), 50 FR 13440, 13441 (Apr. 4, 1985) (order approving File
Nos. SR-CBOE-84-21, SR-Amex-84-30, SR-Phlx-84-25, and SR-PSE-85-1);
and 40875 (Dec. 31, 1998), 64 FR 1842, 1843 (Jan. 12, 1999) (order
approving File Nos. SR-CBOE-98-25; Amex-98-22; PCX-98-33; and Phlx-
98-36).
\43\ See id.
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The Exchange proposes to eliminate the current 25,000-contract
position and exercise limit for GBTC options and to apply the position
limits in Exchange Rule 6.8-O, Commentary .06(a)-(e) to options on
GBTC.\44\ Under Exchange Rule 6.8-O, Commentary .06(a)-(e) position
limits are based either on the trading volume of the underlying stock
or ETF over the previous six months, or on the trading volume of the
underlying stock or ETF over the previous six months and the
outstanding shares of the underlying stock or ETF.\45\ Position limits
for options on GBTC would be subject to subsequent six-month reviews to
determine future position and exercise limits.\46\ The Exchange states
that options on GBTC qualify for the 250,000-contract limit in Exchange
Rule 6.8-O, Commentary .06(e)(i), which requires the most recent six-
month trading volume for the underlying security to be at least
100,000,000 shares.\47\ The Exchange states that, as of November 25,
2024, the most recent six-month trading volume for GBTC was 550,687,400
shares.\48\
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\44\ As noted above, exercise limits for options on an
underlying security are the same as the position limits for options
on that underlying security. See Exchange Rule 6.9-O, Commentary
.01.
\45\ See supra footnote 12.
\46\ See Notice and Order Instituting Proceedings, 90 FR at
22122 and Exchange Rule 6.8-O, Commentary .06(e) (providing that,
every six months, the Exchange will review the volume and
outstanding share information on all underlying ETFs on which
options are traded to determine applicable position limits). See
also Rule 6.9-O (providing that exercise limits for options on an
underlying will be the same as the position limits for such
underlying).
\47\ See Notice and Order Instituting Proceedings, 90 FR at
22124.
\48\ See id. at 22122.
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The Exchange provided data and analysis supporting the proposed
position and exercise limits. The Exchange states that, as of November
25, 2024, GBTC had 273,950,100 shares outstanding, market
capitalization of $20,661,316,542, and average daily volume (``ADV'')
for the preceding three months of 3,829,597 shares.\49\ The Exchange
states that options on GBTC should be subject to the 250,000-contract
limit because ``the significant liquidity present in GBTC mitigates
against the potential for manipulation.'' \50\
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\49\ See id. at 22122, footnote 27 and accompanying text.
\50\ Id. at 22123.
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The Exchange also compared the size of the position and exercise
limits to the market capitalization of the bitcoin market, which,
according to the Exchange, had a market capitalization greater than
$1.876 trillion as of
[[Page 36256]]
November 25, 2024.\51\ The Exchange calculated that, as of November 25,
2024, a position of 250,000 options on GBTC (which represents
25,000,000 shares of GBTC) would represent less than 0.10% of all
bitcoin outstanding.\52\ The Exchange states that if a 250,000-contract
option position in GBTC were exercised, it ``would have a virtually
unnoticed impact on the entire bitcoin market,'' and, further, that
``[t]his analysis demonstrates that a 250,000-contract position (and
exercise) limit for GBTC options would be appropriate given GBTC's
liquidity.'' \53\ The Exchange also states that, as of November 25,
2024, a position limit of 250,000 contracts would represent 9.13% of
the outstanding shares of GBTC.\54\
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\51\ See id. at 22122.
\52\ See id.
\53\ Id.
\54\ See id.
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The Commission finds that the proposed position and exercise limits
are consistent with the Act, and in particular, with the requirements
in Section 6(b)(5) that the rules of a national securities exchange be
designed to prevent fraudulent and manipulative acts and practices and
to protect investors and the public interest. As discussed above, the
Commission has recognized that position and exercise limits must be
sufficient to prevent investors from disrupting the market for the
underlying security by acquiring and exercising a number of option
contracts disproportionate to the deliverable supply and average
trading volume of the underlying security.\55\ In addition, the
Commission has stated previously that rules regarding position and
exercise limits are intended to prevent the establishment of options
positions that can be used or might create incentives to manipulate or
disrupt the underlying market so as to benefit the options
position.\56\ Based on its review of the data and analysis provided by
the Exchange, the Commission concludes that the proposed position and
exercise limits satisfy these objectives. Specifically, the Commission
has considered and reviewed the Exchange's analysis that, as of
November 25, 2024, a position limit of 250,000 contracts would
represent 9.13% of the outstanding shares of GBTC.\57\ The Commission
also has considered and reviewed the Exchange's statements that, as of
November 25, 2024, GBTC had 273,950,100 shares outstanding, market
capitalization of $20,661,316,542, and ADV for the preceding three
months of 3,829,597 shares.\58\ The Commission further considered and
reviewed the Exchange's statement that for the six-month period ending
on November 25, 2024, the trading volume for GBTC was 550,687,400
shares.\59\
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\55\ See supra note 42 and accompanying text.
\56\ See Securities Exchange Act Release No. 57352 (Feb. 19,
2008), 73 FR 10076, 10080 (Feb. 25, 2008) (order approving File No.
SR-Cboe-2008-07).
\57\ See Notice and Order Instituting Proceedings, 90 FR at
22122.
\58\ See id. at 22122, footnote 27 and accompanying text.
\59\ See id. at 22122.
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Based on the Commission's review of this information and analysis,
the Commission concludes that the proposed position and exercise limits
are designed to prevent market participants from disrupting the market
for the underlying securities by acquiring and exercising a number of
options contracts disproportionate to the deliverable supply and
average trading volume of the underlying security, and to prevent the
establishment of options positions that can be used or might create
incentives to manipulate or disrupt the underlying market so as to
benefit the options position.
B. FLEX GBTC Options
The proposed FLEX GBTC options would permit the creation of
customized options on GBTC, which could help market participants
implement their hedging, risk management, and investment strategies. In
addition, the proposal will extend to FLEX GBTC options the benefits of
trading on the Exchange's options market, including a centralized
market center, an auction market with posted transparent market
quotations and transaction reporting, parameters and procedures for
clearance and settlement, and the guarantee of OCC for all contracts
traded on the Exchange.\60\
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\60\ See Securities Exchange Act Release No. 36841 (Feb. 14,
1996), 61 FR 6666, 6668 (Feb. 21, 1996) (File Nos. Cboe-95-43 and
PCX-95-24) (order approving proposals to provide for the listing and
trading of FLEX options on specified equity securities).
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The position and exercise limits described above will apply to FLEX
GBTC options, and positions in FLEX and non-FLEX GBTC options will be
aggregated for purposes of calculating position and exercise
limits.\61\ The Commission finds that the proposed position and
exercise limits for FLEX GBTC options are consistent with the Act, and
in particular, with the requirements in Section 6(b)(5) that the rules
of a national securities exchange be designed to prevent fraudulent and
manipulative acts and practices and to protect investors and the public
interest. By applying the GBTC option position and exercise limits to
FLEX GBTC options, and by requiring the aggregation of positions in
FLEX and non-FLEX GBTC options for position and exercise limit
purposes, the proposed position and exercise limits for FLEX GBTC
options are designed to prevent investors from disrupting the market
for the underlying security by acquiring and exercising a number of
options contracts disproportionate to the deliverable supply and
average trading volume of the underlying security, and to prevent the
establishment of options positions that could be used or might create
incentives to manipulate or disrupt the underlying market so as to
benefit the options position.
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\61\ See proposed Exchange Rule 5.35-O(b)(iii).
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The Commission previously considered the surveillance procedures
that would apply to GBTC options when it approved the Exchange's
proposal to list and trade GBTC options.\62\ The same surveillance
procedures that apply to other options products listed and traded on
the Exchange, including non-FLEX GBTC options, will apply to FLEX GBTC
options, and the Exchange states that FLEX options products (and their
respective symbols) are integrated into the Exchange's existing
surveillance system architecture, and thus are subject to the relevant
surveillance processes.\63\ The Exchange states that it will implement
any additional surveillance procedures it deems necessary to
effectively monitor the trading of FLEX GBTC options.\64\ The Exchange
further states that it is a member of ISG, that ISG members work
together to coordinate surveillance and investigative information
sharing in the stock, options, and futures markets. In addition to the
surveillance conducted by the Exchange's market surveillance staff, the
Exchange would be able to obtain information regarding trading in
shares of GBTC on other exchanges through ISG.\65\ Further, in
approving proposals to list bitcoin-based exchange-traded products
(``ETPs''), including GBTC, the Commission found that there were
sufficient means to prevent fraud and manipulation of bitcoin-based
ETPs.\66\ Together, these surveillance procedures should allow the
Exchange to investigate suspected manipulations
[[Page 36257]]
or other trading abuses in FLEX GBTC options.
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\62\ See Securities Exchange Act Release No. 101386 (Oct. 18,
2024), 89 FR 84960, 84971 (Oct. 24, 2024).
\63\ See Notice and Order Instituting Proceedings, 90 FR at
22124.
\64\ See id.
\65\ See id.
\66\ See Securities Exchange Act Release Nos 99306 (Jan. 10,
2024), 89 FR 3008 (Jan. 17, 2024).
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Accordingly, the Commission finds that the Exchange's surveillance
procedures for FLEX GBTC options are designed to prevent fraudulent and
manipulative acts and practices and to protect investors and the public
interest.
IV. Conclusion
For the reasons set forth above, the Commission finds that the
proposed rule change, as modified by Amendment No. 3, is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange and, in
particular, the requirements of Section 6(b)(5) of the Act.\67\
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\67\ 15 U.S.C. 78f(b)(5).
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It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\68\ that the proposed rule change (SR-NYSEARCA-2025-07), as
modified by Amendment No. 3, is approved.
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\68\ 15 U.S.C. 78s(b)(2).
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-14549 Filed 7-31-25; 8:45 am]
BILLING CODE 8011-01-P