Bitcoin News Today: Institutional Investors Gain Rollover-Free Crypto Exposure via Cboe's New Futures

Cboe Global Markets, Inc. (CBOE) is set to disrupt the cryptocurrency derivatives market with the December 15 launch of its Bitcoin and Ether Continuous Futures, offering U.S.-regulated perpetual-style exposure to digital assets. The contracts, designed to eliminate the need for periodic rollovers, will trade 23 hours a day, five days a week, and settle centrally through Cboe Clear U.S., a CFTC-regulated clearing organization according to the announcement. This move positions Cboe as a key player in a rapidly evolving market, where demand for institutional-grade crypto products is surging.

The Continuous Futures, branded as Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET), feature a 10-year expiration at listing and a daily cash adjustment mechanism to align prices with underlying assets as reported. Unlike traditional futures, these contracts will remain active indefinitely, with adjustments made to mitigate price divergence. "The structure of Cboe's Continuous Futures is designed to enable streamlined and efficient portfolio and risk management," said Rob Hocking, Cboe's Global Head of Derivatives according to Cboe. The products will use Cboe Kaiko Real-Time Rates for price tracking, ensuring transparency in a market often criticized for fragmentation.

The launch aligns with broader industry trends. U.S. exchanges are racing to offer perpetual futures to compete with offshore "bucket shops". Cboe's entry into this space addresses a gap in regulated access for institutional investors seeking long-term crypto exposure without the operational complexities of rolling positions. Anne-Claire Maurice of Kaiko, a data partner for the contracts, noted that the product "eliminates the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide" as reported.

To support adoption, Cboe's Options Institute will host educational sessions on December 17, 2025, and January 13, 2026, covering contract mechanics and use cases according to the announcement. These efforts underscore the exchange's commitment to demystifying complex derivatives for a wider audience. Meanwhile, the contracts' cross-margining capabilities with existing Cboe Financially Settled Bitcoin (FBT) and Ether (FET) futures could enhance capital efficiency for traders.

The move reflects Cboe's strategic pivot amid a competitive landscape. While the exchange has scaled back its ETP listings business to focus on cost efficiency, it is doubling down on innovation in crypto derivatives. This follows a year of record inflows into ETFs, driven largely by shifts from active mutual funds to ETF wrappers as noted by analysts. Analysts note that Cboe's focus on regulated, transparent products could differentiate it in a market still grappling with volatility and regulatory uncertainty.