New Cboe FTSE Bitcoin Index futures begin trading on Cboe Futures ExchangeProduct adds to Cboe’s bitcoin product suite, accompanying spot bitcoin ETFs and bitcoin ETF index optionsOffers cash-settlement, eliminating complexities of physically delivering bitcoin at expiration

CHICAGO, April 29, 2025 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives and securities exchange network, announced it has begun to offer trading in its new Cboe FTSE Bitcoin Index futures. These new cash-settled futures, based on the FTSE Bitcoin Reduced Value Index[1] (Ticker: XBTF), are the latest addition to Cboe’s growing suite of digital asset derivatives.

Exclusively listed on Cboe Futures Exchange, LLC (CFE), the new XBTF futures are expected to provide market participants with another versatile tool to express views on bitcoin or manage risk. XBTF futures are cash-settled contracts, meaning positions are closed in cash at expiration, removing the complexities of physically delivering bitcoin.

“As customer demand for crypto-based derivatives continues to rise, Cboe is committed to building a well-rounded ecosystem to help facilitate more efficient, flexible access to bitcoin exposure and risk management,” said Catherine Clay, Global Head of Derivatives at Cboe. “Our launch of the new Cboe FTSE Bitcoin Index Futures adds a key building block to our crypto derivatives toolkit — offering market participants another versatile tool to gain and seek to hedge bitcoin exposure, all within a regulated and transparent marketplace, with centralized clearing.” 

The introduction of XBTF futures follows Cboe’s earlier launch of cash-settled options on the Cboe Bitcoin U.S. ETF Index (Tickers: CBTX and MBTX), creating a complementary suite of bitcoin-related index derivatives products. Cboe expects each product can be a useful tool for managing bitcoin volatility on its own, or both products can be used in tandem to execute more advanced trading strategies.  Additionally, XBTF futures are cleared through OCC, which also clears CBTX and MBTX options.

Commenting on the launch, Barak Capital said: “As investor participation in digital assets has grown and become more institutionalized, the ability to access efficient and stable markets is paramount. As a leading market maker, the Barak Capital group has been an established liquidity provider for Cboe’s markets for years.  We look forward to acting as a liquidity provider in Cboe FTSE Bitcoin Index futures and to supporting Cboe’s market in this product.”

Tom Chlada, Chief Operating Officer at Prime Trading, LLC, said: “Prime Trading, LLC is excited to support Cboe’s continued expansion of its crypto derivatives product suite and to act as a liquidity provider in the new XBTF futures. We are strongly aligned with Cboe’s efforts to grow the crypto derivatives market and look forward to working with Cboe to provide its customers with a best-in-class trading experience.”

XBTF futures are settled in the afternoon (P.M) 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. For more information on the new Cboe FTSE Bitcoin Index futures, visit Cboe’s website.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

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Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty, investment, and default risks, associated with operating our  clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC.

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[1] Represents 1/10th the value of the FTSE Bitcoin Index.

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SOURCE Cboe Global Markets, Inc.