Cboe to Launch Cboe FTSE Bitcoin Index Futures

Cboe Global Markets has announced plans to introduce Cboe FTSE Bitcoin Index futures on April 28, 2025, pending regulatory review. The new contracts, based on the FTSE Bitcoin Reduced Value Index (ticker: XBTF), will trade on Cboe Futures Exchange and represent the first derivatives product developed through Cboe’s expanded collaboration with FTSE Russell.

The XBTF futures contracts are cash-settled and designed to complement Cboe’s existing options on the Cboe Bitcoin U.S. ETF Index (tickers: CBTX, MBTX). The firm said this dual offering supports a broader range of trading and hedging strategies for bitcoin exposure and is intended to bring greater flexibility and capital efficiency to institutional users.

XBTF Index was developed by FTSE Russell in partnership with Digital Asset Research

Catherine Clay, Global Head of Derivatives at Cboe, commented, “We’re excited to expand our collaboration with FTSE Russell to help grow the digital assets markets through continued innovation. 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. Many of our customers are already utilizing Cboe’s full suite of bitcoin products – whether the spot U.S. bitcoin ETFs listed on Cboe’s equities exchange, our cash-settled Bitcoin ETF index options, or defined-outcome ETFs that hold those options. These new futures will be the latest addition to continue evolving our bitcoin product ecosystem and providing traders with even more tools to navigate the digital assets market.”

The XBTF Index, developed by FTSE Russell in partnership with Digital Asset Research, reflects one-tenth the value of the FTSE Bitcoin Index. Settlement for the XBTF futures will occur on the last business day of each month, in the afternoon. Cboe plans to clear these futures through OCC, which also handles clearing for its bitcoin ETF index options.

Shawn Creighton, Director, Index Derivatives Solutions at FTSE Russell, commented, “We’re delighted to be working with Cboe on the expansion of its bitcoin product ecosystem, with the introduction of futures based on the FTSE Bitcoin Index. 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.”

Cboe has steadily increased its presence in the digital asset space. The exchange currently lists most of the U.S.-based spot bitcoin and ether ETFs on its BZX Equities Exchange. It recently launched cash-settled index options tied to spot bitcoin prices in standard and mini contracts. These have supported a new category of defined-outcome ETFs that use the options to offer capped-risk bitcoin exposure.

In addition to its options and index futures, Cboe provides margined bitcoin and ether futures through Cboe Clear U.S. These contracts, currently trading on Cboe Digital Exchange, are expected to migrate to Cboe Futures Exchange in the second quarter of 2025, subject to regulatory approval.

Cboe’s continued expansion across futures, ETFs, and options builds on its stated objective to offer market participants a full suite of digital asset products across its global exchange network.