Cboe Aims to Redefine U.S. Crypto Trading with 10-Year Futures

Cboe Global Markets Inc., a leading derivatives and securities exchange network, has announced plans to launch Bitcoin and Ethereum Continuous Futures on its Cboe Futures Exchange (CFE), scheduled to begin on November 10, 2025, pending regulatory approval. The product is designed to deliver continuous long-term market exposure to Bitcoin (BTC) and Ethereum (ETH) in a U.S.-regulated, intermediated environment. Unlike traditional futures, these contracts will be structured as single, long-dated instruments with a 10-year expiration, significantly reducing the need for traders to roll over positions periodically. This structure aims to simplify position management and provide traders with a more stable and predictable trading experience.

The new contracts will be cash-settled and aligned with real-time spot prices of Bitcoin and Ethereum, using a transparent and replicable funding rate methodology to adjust daily cash settlements. This approach mirrors the features of perpetual-style futures, which have gained traction in offshore markets but have been absent in a U.S.-regulated context until now. Catherine Clay, Global Head of Derivatives at Cboe, emphasized that the launch represents a significant step in bringing the utility of perpetual-style futures to U.S. markets, allowing both institutional and retail traders to access these products in a trusted, transparent environment.

Cboe’s Continuous Futures will be cleared through Cboe Clear U.S., a Commodity Futures Trading Commission (CFTC)-regulated derivatives clearing organization. This infrastructure is expected to enhance Cboe’s clearing capabilities and support the development of a robust global derivatives exchange and clearing ecosystem. The exchange also plans to offer educational resources to market participants, with the Options Institute hosting two public courses on the topic in October and November 2025.

The launch of these products aligns with Cboe’s broader strategy to expand its product suite and innovate in the digital assets space. The exchange has been actively exploring opportunities to offer exchange-traded funds (ETFs) tracking specific digital assets, including recent proposals to the U.S. Securities and Exchange Commission (SEC) aimed at streamlining the listing and trading of commodity-based trust shares. The move underscores Cboe’s commitment to staying at the forefront of the evolving derivatives market.

Analysts have also weighed in on Cboe’s valuation, noting that despite its impressive long-term performance, the stock is currently trading at a price that exceeds its intrinsic value by approximately 20.5%. With a book value of $44.60 per share and a projected earnings per share (EPS) of $11.55, the company’s excess return is estimated at $7.14 per share. While the stock has surged 19.3% year-to-date, it has dipped 7.2% in the past month, reflecting some market volatility.