Cboe Aims to Bring Long-Term Crypto Exposure to U.S. Markets with 10-Year Futures

Cboe Global Markets has announced plans to launch continuous futures contracts for Bitcoin and Ethereum on its Cboe Futures Exchange (CFE) beginning November 10, 2025, pending regulatory approval from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The new product suite will offer U.S. traders long-term exposure to digital assets in a U.S.-regulated, centrally cleared, and intermediated environment. Unlike traditional futures, which require periodic rollover, these continuous futures will be structured as single, 10-year contracts, simplifying position management and reducing the need for frequent trading adjustments. The contracts will be cash-settled and aligned with real-time spot prices of Bitcoin and Ether through daily cash adjustments using a transparent and replicable funding rate methodology.

Catherine Clay, Global Head of Derivatives at Cboe, emphasized that the introduction of these perpetual-style futures fills a gap in the U.S. market, where such products have been popular in offshore jurisdictions. According to the announcement, the continuous futures are expected to attract both institutional investors and a growing segment of retail traders seeking access to crypto derivatives. The launch builds on Cboe’s broader product innovation roadmap, which includes its flagship Cboe Volatility Index (VIX) futures and derivatives tied to equity volatility, digital assets, and global fixed income.

The continuous futures will be cleared through Cboe Clear U.S., a derivatives clearing organization regulated by the CFTC, further enhancing the exchange's role in expanding its global derivatives and clearing ecosystem. In preparation for the November launch, Cboe’s Options Institute will host educational sessions on October 30 and November 20 to familiarize traders with the mechanics of the new contracts. The introduction of these products aligns with the evolving regulatory landscape for digital assets in the U.S. In a significant development earlier this month, the SEC and CFTC jointly clarified that regulated exchanges—such as national securities exchanges, designated contract markets, and foreign boards of trade—are not prohibited from offering spot crypto products under current laws.

This regulatory clarification marks a pivotal shift in the U.S. market structure and signals a broader policy intent to bring digital asset trading under coordinated oversight. The SEC and CFTC emphasized the importance of compliance, investor protection, and market transparency in the development of new crypto products. Analysts suggest that this regulatory alignment may encourage traditional exchanges, including Cboe, to expand their crypto offerings, potentially accelerating the migration of liquidity from offshore platforms to U.S.-regulated venues. For investors, this shift could result in tighter spreads, better price discovery, and reduced counterparty risk.

Cboe’s move to introduce continuous futures for Bitcoin and Ether reflects a broader trend in the U.S. financial sector, where major exchanges are increasingly integrating digital assets into their product offerings. The company has previously launched crypto-related products and has been active in the development of exchange-traded funds tracking specific digital assets. With the recent regulatory developments, the stage is set for further innovation in the U.S. crypto derivatives market, potentially leading to greater institutional and retail participation. The success of these products will depend on how effectively they meet the demand for accessible, secure, and transparent trading of digital assets within the U.S. regulatory framework.

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