Cboe to Launch Bitcoin Futures on CFE in April 2025

Cboe Global Markets, Inc. has announced its plans to introduce cboe FTSE Bitcoin Index futures, marking a significant expansion of its digital asset offerings. The new futures, based on the FTSE Bitcoin Reduced Value (1/10th) Index, are set to begin trading on Cboe Futures Exchange, LLC (CFE) on April 28, 2025, pending regulatory approval. This launch is part of Cboe’s ongoing collaboration with FTSE Russell, aimed at driving innovation in the digital assets market.

The new XBTF futures are designed to complement Cboe’s recently launched options on the Cboe Bitcoin U.S. ETF Index. By offering both cash-settled futures and securities options based on bitcoin, Cboe aims to provide market participants with a comprehensive suite of products for implementing trading and hedging strategies related to bitcoin. Each product is intended to be a useful tool for managing bitcoin volatility, either individually or in tandem with other products to execute more advanced trading strategies. Additionally, Cboe plans to clear XBTF futures through OCC, which also clears CBTX and MBTX options.

Catherine Clay, Global Head of Derivatives at Cboe, expressed excitement about the collaboration with FTSE Russell, noting that the launch comes at a time when demand for crypto exposure is growing. Many of Cboe’s customers are already utilizing its suite of bitcoin products, including spot U.S. bitcoin ETFs, cash-settled Bitcoin ETF index options, and defined-outcome ETFs. The new futures will further evolve Cboe’s bitcoin product ecosystem, providing traders with more tools to navigate the digital assets market.

XBTF futures are cash-settled contracts that settle in the afternoon on the last business day of each month. They are based on the XBTF Index, developed by FTSE Russell in collaboration with Digital Asset Research, which represents 1/10th the value of the FTSE Bitcoin Index. Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell, highlighted the rigorous vetting and monitoring process used to ensure the indices are reflective of the investable digital assets market.

Cboe has been expanding its digital asset offerings in recent years, providing a wide range of product offerings to give customers greater flexibility and choice. The exchange lists a majority of U.S. spot bitcoin and ether ETFs on its Cboe BZX Equities Exchange and recently launched the market’s first cash-settled index options related to the price of spot bitcoin. This innovation has spurred a new wave of ETFs listing on Cboe and using these options to provide investors with capped-risk exposure to Bitcoin. Additionally, Cboe offers margined bitcoin and ether futures cleared through Cboe Clear U.S., LLC, which are planned to be migrated to CFE in the second quarter of 2025, subject to regulatory review.

Cboe Global Markets, Inc. is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. The company provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. The launch of the new Cboe FTSE Bitcoin Index futures is a testament to Cboe’s dedication to innovation and its role as a leader in the derivatives and securities exchange network.