Nasdaq ISE has proposed raising the open interest cap for BlackRock's Bitcoin spot ETF, IBIT, from 250,000 to 1 million contracts, according to the Federal Register. This follows a previous increase from 25,000 contracts in July 2025. The proposal reflects growing demand for IBIT options, with the current cap seen as a barrier to large institutional activity. The proposed increase positions Bitcoin alongside major global ETFs like EEM and FXI, indicating its status as a core macro asset. If approved, the new cap would significantly expand hedging capabilities, potentially unlocking over $1 billion in options hedging capacity for large institutions such as sovereign wealth and pension funds.