The Chicago Board Options Exchange (Cboe) Global Markets has revealed its intention to introduce Cboe FTSE Bitcoin Index futures (XBTF) in partnership with FTSE Russell, a division of the London Stock Exchange Group (LSEG).
The new XBTF futures contracts will be cash-settled and are set to expire on the final business day of each month. They will be linked to the FTSE Bitcoin Reduced Value Index (XBTF Index), developed by FTSE Russell in cooperation with Digital Asset Research. This index is designed to represent one-tenth of the value of the FTSE Bitcoin Index.
The Cboe indicated that, contingent upon regulatory approval, trading for the XBTF futures could commence on the Cboe Futures Exchange as early as April 28, 2025.
Additionally, the XBTF futures are intended to enhance the offerings of options based on the Cboe Bitcoin US ETF Index1, which debuted in November 2024.
NEWS: Cboe Plans to Launch New Cboe FTSE Bitcoin Index Futures (#XBTF), Further Expanding its Bitcoin Derivatives Offerings. For more, see the press release: https://t.co/7ky1xdoWLq @FTSERussell pic.twitter.com/oZ8W4Ao8j9
— Cboe (@CBOE) April 7, 2025
Cboe also plans to provide both BTC-based cash-settled futures and securities options as part of its comprehensive strategy to equip market participants with a diverse array of tools for Bitcoin trading and hedging.
The exchange noted that these products can be utilized individually for managing Bitcoin volatility or collectively for implementing more complex trading strategies. Additionally, Cboe aims to clear XBTF futures through the OCC clearing house, which already processes CBTX and MBTX options.
Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell, highlighted the importance of this development in Cboe’s Bitcoin product range. He noted, “We have established an industry standard for assessing underlying digital asset and exchange inclusion, and our rigorous vetting and monitoring process is designed to help ensure our indices are reflective of the investable digital assets market.”
Evolving Cboe Bitcoin Product Ecosystem
In November 2024, Cboe announced plans to debut cash-settled index options linked to its Bitcoin US ETF Index on December 2, offering traders the ability to gain exposure to Bitcoin price movements without owning the actual asset.
This initiative marked a further expansion of Cboe’s digital asset offerings, which already include cash-settled Bitcoin and Ethereum futures.
Over the years, Cboe has introduced a range of crypto-related products, listing multiple US spot BTC and ETH exchange-traded funds (ETFs) on its Cboe BZX Equities Exchange.
The exchange also recently announced cash-settled index options related to the spot price of Bitcoin, available in both standard and mini contracts. “This innovation has since spurred a new wave of ETFs listing on Cboe,” the announcement noted.
Cboe’s margined Bitcoin and Ether futures, which are currently available on the Cboe Digital Exchange, are slated to transition to the Cboe Futures Exchange in the second quarter of 2025.
In addition to these efforts, Cboe recently disclosed that Cboe Clear Europe had initiated clearing services for securities financing transactions (SFTs) related to European cash equities and ETFs.
Driven by innovation, Cboe Clear Europe launched clearing for securities financing transactions (SFTs), covering European cash equities & ETFs. Here, Cboe Clear Europe President Vikesh Patel discusses the impact on a resilient, efficient lending ecosystem: https://t.co/ATTwn1D6It pic.twitter.com/YWYQ5HLqXU
— Cboe (@CBOE) April 8, 2025
In a related development, the Cboe BZX Exchange sought the US Securities and Exchange Commission’s (SEC) approval in March for the introduction of staking features in the Fidelity Ethereum ETH ETF.
The forthcoming XBTF futures represent the first product under Cboe’s latest collaboration with FTSE Russell, aiming to foster innovation within the digital asset markets.
According to Catherine Clay, Global Head of Derivatives at Cboe, “this launch comes at a pivotal time,” emphasizing the growing demand for cryptocurrency exposure and the need for capital-efficient and versatile options. She noted that many clients already engage with Cboe’s suite of Bitcoin products.
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