Cboe Bridges Crypto and Traditional Finance with 10-Year Continuous Futures

Cboe Global Markets Inc. is set to expand its offering with the launch of Continuous Bitcoin and Ethereum futures on November 10, 2025, subject to regulatory approval. These products aim to provide U.S. traders with a streamlined method to gain long-term exposure to the two largest cryptocurrencies by market capitalization, while operating within a regulated and transparent framework. Unlike traditional futures contracts, which require periodic rollover, Cboe’s Continuous futures are structured as single contracts with a 10-year expiration, reducing the need for frequent position adjustments and simplifying portfolio management. The contracts will be cash-settled and aligned with real-time spot prices for Bitcoin and Ethereum, using a transparent and replicable funding rate methodology to ensure alignment with market conditions. This approach mirrors the utility of offshore perpetual futures but adapts the structure to meet U.S. regulatory standards.

Catherine Clay, Global Head of Derivatives at Cboe, emphasized the growing adoption of perpetual-style futures in offshore markets and highlighted how the new products will offer U.S. investors access to similar tools within a trusted, intermediated environment. She noted that these futures are expected to attract both institutional and retail participants, particularly those seeking long-term crypto exposure without the complexities of traditional futures. The launch builds on Cboe’s broader strategy to innovate in the derivatives space, including recent efforts to introduce exchange-traded funds (ETFs) linked to digital assets. For example, in July, Cboe BZX submitted a proposal for an Invesco Galaxy Solana ETF, signaling the company’s intent to broaden its range of crypto-related products.

Cboe Clear U.S., a CFTC-regulated derivatives clearing organization, will handle the clearing of the new Continuous futures, positioning Cboe to strengthen its role in the global derivatives ecosystem. The company has also integrated long-term financial planning into its operations, as evidenced by its ongoing engagement with the SEC regarding rule changes that would facilitate the approval of crypto ETFs. In a recent filing, Cboe BZX requested modifications to existing rules to allow the listing of Commodity-Based Trust Shares linked to specific digital assets. This strategic alignment with regulatory frameworks underscores Cboe’s commitment to bridging the gap between emerging digital asset markets and traditional financial infrastructure.

Analysts have weighed in on Cboe’s financial performance, noting that while the company has delivered strong returns over the past five years—posting a 180% gain—it is currently trading at a price that suggests it may be overvalued. Based on intrinsic value calculations, Cboe’s estimated value per share is $194.49, while it currently trades at $234.37, indicating a potential overvaluation of around 20.5%. Despite a recent stock dip, Cboe continues to maintain robust financial metrics, including a book value of $44.60 per share and an expected earnings per share (EPS) of $11.55. Its return on equity (ROE) remains strong at 21.39%, according to analyst forecasts. These figures reflect the company’s ability to generate returns that exceed its cost of equity, but also raise questions about whether the current valuation is sustainable in the long term.

The introduction of Continuous futures for Bitcoin and Ethereum is expected to further differentiate Cboe in the competitive derivatives market. By offering a product that reduces the friction of traditional futures trading and aligns with the volatility and liquidity characteristics of crypto assets, Cboe is responding to a growing demand for innovative financial instruments. The company is also supporting this launch with educational initiatives, including technical courses on Continuous futures scheduled for October 30 and November 20. These efforts highlight Cboe’s focus on both product innovation and market readiness, ensuring that traders are well-informed before engaging with the new contracts.

In addition to the launch of Continuous futures, Cboe has been actively expanding its market data partnerships, most notably with Centroid Solutions, which has completed integration with the exchange operator. This partnership allows brokers to access real-time pricing data for equities, options, indices, and derivatives from both U.S. and European markets. Such developments reinforce Cboe’s position as a leader in global financial infrastructure and its ongoing efforts to enhance liquidity and transparency in the markets it serves.