Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 904 and Rule 905 To Increase Position and Exercise Limits for Options on iShares Bitcoin Trust ETF

largest in capitalization and the most frequently traded stocks and ETFs have an option position limit of 250,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market; and smaller capitalization stocks and ETFs have position limits of 200,000, 75,000, 50,000 or 25,000 contracts (with adjustments for splits, recapitalizations, etc.) on the same side of the market. IBIT currently qualifies for a 250,000- contract position limit. The Exchange proposes to increase the position limit and exercise limit for options on IBIT to 1,000,000 contracts by adding the proposed position limit in Rule 904, which then reflects the exercise limits in Rule 905. The Exchange's proposal is substantially similar, in all material respects, to recent proposals by ISE, PHLX and BOX to increase the position and exercise limits for options on IBIT to 1,000,000 contracts on the same side of the market.\8\ In addition, the proposed position and exercise limits for options on IBIT are consistent with existing position and exercise limits for options on iShares Russell 2000 ETF, iShares MSCI Emerging Markets, iShares China Large-Cap ETF and iShares MSCI EAFE ETF.\9\ --------------------------------------------------------------------------- \8\ ISE Approval Order, PHLX Notice and BOX Notice, supra Note 5. \9\ See Rule 904, Commentary .07(f). ------------------------