95308 Federal Register / Vol. 89, No. 231 / Monday, December 2, 2024 / Notices 

54 17 CFR 200.30–3(a)(12), (59). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101387 

(October 18, 2024), 89 FR 84948 (October 24, 2024) 

(SR–Cboe–2024–035) (Notice of Filing of 

Amendment Nos. 2 and 3 and Order Granting 

Accelerated Approval of a Proposed Rule Change, 

as Modified by Amendment Nos. 2 and 3, To Permit 

the Listing and Trading of Options on Bitcoin 

Exchange-Traded Funds) (‘‘Cboe Approval Order’’). 

4See Securities Exchange Act Release No. 101386 

(October 18, 2024), 89 FR 84960 (October 24, 2024) 

(SR–NYSEAMER–2024–49) (Notice of Filing of 

Amendment No. 3 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 3, To Permit the Listing and 

Trading of Options on Bitcoin Exchange-Traded 

Funds) (‘‘NYSE American Approval Order’’). 

5See SR–ISE–2024–54 

6 15 U.S.C. 78f(b) 

7 15 U.S.C. 78f(b)(5). 

8The Exchange believes that other exchanges will 

adopt position and exercise limits of 25,000 

contracts for options on each of the Bitcoin Trusts. 

All Nasdaq affiliated markets have filed to adopt a 

25,000 contract position and exercise limit for the 

Bitcoin Trusts. 

9All Nasdaq affiliated markets are filing to adopt 

a 25,000 contract position and exercise limit for 

options on the Bitcoin Trusts. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.54

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–28102 Filed 11–29–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101736; File No. SR– 

NASDAQ–2024–073] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Options 9, Section 13, Position Limits, 

and Options 9, Section 15, Exercise 

Limits, Regarding Options on the 

Fidelity Wise Origin Bitcoin Fund, the 

ARK21Shares Bitcoin ETF, the 

Grayscale Bitcoin Trust (BTC), the 

Grayscale Bitcoin Mini Trust BTC, and 

the Bitwise Bitcoin ETF 

November 25, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

21, 2024, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend The 

Nasdaq Options Market LLC (‘‘NOM’’) 

Options 9, Section 13, Position Limits, 

and Section 15, Exercise Limits. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Options 9, Section 13, Position Limits, 

and Options 9, Section 15, Exercise 

Limits, to limit the position limits for 

options on the Fidelity Wise Origin 

Bitcoin Fund, the ARK21Shares Bitcoin 

ETF, the Grayscale Bitcoin Trust (BTC), 

the Grayscale Bitcoin Mini Trust BTC, 

and the Bitwise Bitcoin ETF 

(collectively ‘‘Bitcoin Trusts’’). 

Recently, Cboe Exchange, Inc. 

(‘‘Cboe’’) received approvals to list 

options on the Fidelity Wise Origin 

Bitcoin Fund, and the ARK21Shares 

Bitcoin ETF.3 Also, recently, NYSE 

American LLC (‘‘NYSE American’’) 

received approvals to list options on the 

Fidelity Wise Origin Bitcoin Fund, the 

ARK21Shares Bitcoin ETF, the 

Grayscale Bitcoin Trust (BTC), the 

Grayscale Bitcoin Mini Trust BTC, and 

the Bitwise Bitcoin ETF.4 Nasdaq ISE, 

LLC (‘‘ISE’’) filed a rule change to also 

list and trade options on the Bitcoin 

Trusts.5 NOM’s Options 4 Rules were 

amended by the ISE rule change as 

those Rules are incorporated by 

reference to ISE’s Options 4 Rules, so 

NOM has the ability to list the options 

on the Bitcoin Trusts. The Cboe 

Approval Order and the NYSE 

American Approval Order stated that 

the position and exercise limits for each 

of the Bitcoin Trusts shall be 25,000 

contracts. At this time, the Exchange 

proposes to amend NOM Option 9, 

Section 13 and Options 9, Section 15 to 

similarly note that options on the 

Fidelity Wise Origin Bitcoin Fund, the 

ARK21Shares Bitcoin ETF, the 

Grayscale Bitcoin Trust (BTC), the 

Grayscale Bitcoin Mini Trust BTC, and 

the Bitwise Bitcoin ETF shall have 

position and exercise limits of 25,000 

contracts to mirror the Cboe Approval 

Order and the NYSE American 

Approval Order, respectively. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,6 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,7

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. 

The Exchange’s proposal to amend 

Options 9, Section 13, Position Limits, 

and Options 9, Section 15, Exercise 

Limits, to provide that the position and 

exercise limits for options on each of the 

Bitcoin Trusts shall be 25,000 contracts 

is consistent with the Act as it will 

conform NOM’s options position and 

exercise limits for each of the Bitcoin 

Trusts with ISE’s options position and 

exercise limits on these same Bitcoin 

Trusts to align those limits.8

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Amending Options 9, Sections 13 and 

15 to provide that the position and 

exercise limits for options on each of the 

Bitcoin Trusts shall be 25,000 contracts 

does not impose an undue burden on 

competition as the position and exercise 

limits will apply to all trading for 

options on the Bitcoin Trusts trading on 

the Exchange as well as those trading on 

other exchanges that file a similar 

proposal.9

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 231 / Monday, December 2, 2024 / Notices 95309 

10 15 U.S.C. 78s(b)(3)(A)(iii). 

11 17 CFR 240.19b–4(f)(6). 

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Commission 

waives this requirement. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16See Securities Exchange Act Release No. 

101387 (October 18, 2024), 89 FR 84948 (October 

24, 2024) (SR–Cboe–2024–035) (Notice of Filing of 

Amendment Nos. 2 and 3 and Order Granting 

Accelerated Approval of a Proposed Rule Change, 

as Modified by Amendment Nos. 2 and 3, To Permit 

the Listing and Trading of Options on Bitcoin 

Exchange-Traded Funds). See also Securities 

Exchange Act Release No. 101386 (October 18, 

2024), 89 FR 84960 (October 24, 2024) (SR– 

NYSEAMER–2024–49) (Notice of Filing of 

Amendment No. 3 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 3, To Permit the Listing and 

Trading of Options on Bitcoin Exchange-Traded 

Funds). 

17See SR–ISE–2024–54. 

18For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

19 17 CFR 200.30–3(a)(12), (59). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 10 and Rule 

19b–4(f)(6) thereunder.11 Because the 

foregoing proposed rule change does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 12 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 under the Act does 

not normally become operative prior to 

30 days after the date of the filing. 

However, pursuant to Rule 19b– 

4(f)(6)(iii),15 the Commission may 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative immediately upon filing. The 

Commission previously approved the 

listing of options on the Fidelity Wise 

Origin Bitcoin Fund, the ARK21Shares 

Bitcoin ETF, the Grayscale Bitcoin Trust 

(BTC), the Grayscale Bitcoin Mini Trust 

BTC, and the Bitwise Bitcoin ETF.16 As 

noted above, Nasdaq’s Options 4 Rules 

were amended by an ISE rule change 17

as those Rules are incorporated by 

reference to ISE’s Options 4 Rules, so 

Nasdaq has the ability to list the options 

on the Bitcoin Trusts. This proposal 

establishes position and exercise limits 

for options on the Bitcoin Trusts. The 

Commission believes that waiver of the 

operative delay could benefit investors 

by assuring that trading in Bitcoin Trust 

options are subject to the same position 

and exercise limits in place on other 

exchanges. Therefore, the Commission 

believes that waiver of the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposed rule 

change as operative upon filing.18

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2024–073 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NASDAQ–2024–073. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2024–073 and should be 

submitted on or before December 23, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–28106 Filed 11–29–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101744; File No. SR–ISE– 

2024–54] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To List and Trade Various 

Bitcoin Options 

November 25, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

21, 2024, Nasdaq ISE, LLC (‘‘ISE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 


ddrumheller on DSK120RN23PROD with NOTICES1