The Chicago Board Options Exchange (CBOE) is preparing to introduce a new Bitcoin futures derivative, marking another step in its expansion into digital assets.
Launch Scheduled Pending Regulatory Approval
CBOE has revealed plans to launch the FTSE Bitcoin Index futures on 28 April, subject to regulatory approval. The announcement, made on 7 April, indicates that the futures product will be based on the VanEck Bitcoin Strategy ETF (XBTF).
The futures will be cash-settled and, akin to the XBTF, each contract will represent one-tenth of the value of the FTSE Bitcoin Index. Settlement will occur on the final business day of every month.
This product marks the first collaboration between CBOE and FTSE Russell, the index subsidiary of the London Stock Exchange Group. The upcoming launch is intended to complement CBOE’s existing Bitcoin options offerings — the Bitcoin US ETF Index Options (CBTX) and Bitcoin US ETF Index Options (MBTX).
Catherine Clay, CBOE’s global head of derivatives, emphasised the strategic timing of the launch: “This launch comes at a pivotal time as demand for crypto exposure continues to grow and market participants are increasingly seeking more capital-efficient and versatile ways to gain and manage that exposure.”
As a longstanding player in the global financial sector since its founding in 1973, CBOE has remained at the forefront of Bitcoin-related offerings. The exchange introduced its first Bitcoin futures contracts on 10 December 2017, marking its initial move into the crypto market.
More recently, CBOE has demonstrated a commitment to bridging the gap between traditional finance and digital assets. In early February, it announced its intention to implement a 24-hour weekday trading cycle, highlighting the increasing convergence of crypto and traditional market infrastructure.
Although Bitcoin exchange-traded funds (ETFs) have become more prominent, Bitcoin futures remain a significant component of crypto market activity. In late March, a surge in leveraged Bitcoin futures led to a $10 billion wipeout in open interest, underscoring their continued influence and risk potential.
In parallel, the rise in crypto-based financial instruments has coincided with a surge in cryptocurrency-related investment fraud in the UK, as detailed in recent reports on growing investor losses.
Product innovation within the future space is still very much alive. In March, cryptocurrency exchange Coinbase disclosed plans to offer 24/7 trading of Bitcoin and Ether futures to users in the United States.
Furthermore, the Singapore Exchange (SGX) announced its intention to introduce Bitcoin perpetual futures during the second half of 2025, further solidifying global interest in crypto derivatives.
