Cboe Plans Bitcoin Futures Launch With FTSE Russell In 2025

Cboe Global Markets, a major derivatives and securities exchange, has announced its plans to launch Cboe FTSE Bitcoin Index futures (XBTF) in collaboration with FTSE Russell, a subsidiary of the London Stock Exchange Group. The new XBTF futures are cash-settled contracts that will settle on the last business day of each month. These futures are based on the FTSE Bitcoin Reduced Value Index (XBTF Index), which was developed by FTSE Russell in partnership with Digital Asset Research. The XBTF Index represents 1/10th the value of the FTSE Bitcoin Index.

If regulatory approval is obtained, the new futures are expected to commence trading on the Cboe Futures Exchange on April 28, 2025. The XBTF futures will complement the options on the Cboe Bitcoin US ETF Index, which were launched in November 2024. Cboe aims to provide a comprehensive suite of products, including both BTC-based cash-settled futures and securities options, to enable market participants to implement Bitcoin-related trading and hedging strategies. Users can utilize these products separately to manage Bitcoin volatility or together to execute advanced trading strategies. Cboe plans to clear XBTF futures through the OCC clearing house, which already clears CBTX and MBTX options.

Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell, highlighted the rigorous vetting and monitoring process that ensures the indices are reflective of the investable digital assets market. This collaboration with Cboe is part of a broader effort to drive product innovation in the digital assets markets. Catherine Clay, Global Head of Derivatives at Cboe, noted that this launch comes at a pivotal time as demand for crypto exposure continues to grow. Many customers already use Cboe’s suite of Bitcoin products, and this new offering aims to provide more capital-efficient and versatile ways to gain and manage that exposure.

Cboe has a history of launching crypto-related products, including cash-settled Bitcoin and Ethereum futures. The exchange lists many of the US spot BTC and ETH exchange-traded funds (ETFs) on the Cboe BZX Equities Exchange. In November 2024, Cboe launched cash-settled index options based on its Bitcoin US ETF Index, allowing traders to gain exposure to Bitcoin price fluctuations without holding the underlying asset. This innovation spurred a new wave of ETFs listing on Cboe. Additionally, Cboe’s margined Bitcoin and Ether futures, currently trading on Cboe Digital Exchange, will move to Cboe Futures Exchange in Q2 2025.

Cboe Clear Europe, a subsidiary of Cboe, recently launched clearing for securities financing transactions (SFTs) covering European cash equities and ETFs. This move is part of Cboe’s ongoing efforts to innovate and expand its offerings in the financial markets. The exchange has also submitted a proposal to the US Securities and Exchange Commission (SEC) to include staking features in the Fidelity Ethereum ETH ETF, further demonstrating its commitment to driving innovation in the digital assets space.