On February 4, 2025, Nasdaq PHLX LLC (“Phlx” or “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 introduce a new index options product, Nasdaq Bitcoin Index Options. The proposed rule change was published for comment in the Federal Register on February 24, 2025.^[3] On March 12, 2025, pursuant to Section 19(b)(2) of the Act,^[4] the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.^[5] On May 23, 2025, the Commission issued an order instituting proceedings under Section 19(b)(2)(B) of the Act ^[6] to determine whether to approve or disapprove the proposed rule change (“Order Instituting Proceedings”).^[7]

Section 19(b)(2) of the Act ^[8] provides that, after initiating proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on February 24, 2025.^[9] August 23, 2025, is 180 days from that date, and October 22, 2025, is 240 days from that date.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and letter from the Exchange. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,^[10] designates October 24, 2025, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-PHLX-2025-08).