Cboe to Launch Bitcoin Futures on CFE in April 2025

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

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 more comprehensive suite of products to implement trading and hedging strategies related to bitcoin. Each product can be used individually to manage bitcoin volatility, or both can be used together 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 expansion of the collaboration with FTSE Russell. She noted that the launch comes at a time when demand for crypto exposure is growing, and market participants are seeking more capital-efficient and versatile ways to gain and manage that exposure. Many customers are already utilizing Cboe's full suite of bitcoin products, including spot U.S. bitcoin ETFs, cash-settled Bitcoin ETF index options, and defined-outcome ETFs that hold those options. The new futures will be the latest addition to Cboe's evolving bitcoin product ecosystem, providing traders with even more tools to navigate the digital assets market.

XBTF futures are cash-settled contracts and 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, Index Derivatives Solutions at FTSE Russell, commented on the collaboration, highlighting the rigorous vetting and monitoring process designed 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. Cboe recently launched the market's first cash-settled index options related to the price of spot bitcoin, available in both standard and mini contracts. This innovation has spurred a new wave of ETFs listing on Cboe and using these options to help provide investors with capped-risk exposure to Bitcoin. Additionally, Cboe offers margined bitcoin and ether futures cleared through Cboe Clear U.S., LLC, which currently trade on Cboe Digital Exchange and are planned to be migrated to CFE in the second quarter of 2025, subject to regulatory review.

For more information on the new Cboe FTSE Bitcoin Index futures, visit the pre-launch resource hub. Cboe Global Markets, Inc. is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. The exchange delivers cutting-edge trading, clearing, and investment solutions to people around the world, providing trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific.