Nasdaq has proposed increasing the position limit for options on the iShares Bitcoin Trust (IBIT) from 250,000 to 1,000,000 contracts, aligning it with major ETFs like the iShares MSCI Emerging Markets ETF. This move positions Bitcoin alongside 'megacap' assets, reflecting its growing recognition as a strategic asset class by institutions. The adjustment allows market makers to hedge larger positions for institutional clients, such as pension funds and macro hedge funds, addressing Bitcoin's volatility. IBIT has become the largest Bitcoin options market in open interest, surpassing platforms like Deribit. This change also facilitates the creation of structured products by banks, integrating Bitcoin further into institutional portfolios.