Eurex has introduced a new set of cryptocurrency derivatives designed to broaden access for retail and institutional investors, launching nano futures on FTSE Bitcoin and Ethereum indexes and options on the iShares Bitcoin ETP as of May 5. The move positions Eurex as a key venue for regulated, exchange-traded digital asset instruments in Europe.
The nano futures provide exposure to just one-hundredth of a Bitcoin or Ethereum token, a fraction of the size of standard or even micro futures.
“Users will benefit from lower upfront costs”
Nicolae Raulet, Product and Business Development at Eurex, said the products were created for smaller investors who require “precision and affordability,” especially with Bitcoin trading in the $80,000–$100,000 range. The contracts are cash-settled and benefit from the infrastructure of Eurex’s established clearing environment.
“Users will benefit from lower upfront costs and other traditional benefits of the exchange-traded format, such as transparency and capital efficiency,” Raulet said. A tier-one liquidity provider is already committed to supporting tight spreads in the nano futures order book.
In parallel, Eurex launched euro- and USD-denominated options on the iShares Bitcoin ETP, referencing XETRA and Euronext Amsterdam prices. The options are the first of their kind in Europe and arrive shortly after BlackRock’s Bitcoin ETP crossed $200 million in assets under management.
“Options are crucial to the evolution of any ETF ecosystem,” Raulet said. “Those who invest in the European ETP can effectively manage their downside protection, sell calls during calmer market conditions, and trade volatility.”
The futures and options products offer different advantages. ETPs provide a direct path to Bitcoin via brokerage platforms, while futures allow for leveraged exposure and eliminate custody risk through Eurex’s clearing house. The combination of nano futures and ETP options now enables a crypto futures spot basis trade — a popular strategy in the US — to be executed in a European exchange environment.
The iShares Bitcoin ETP options, Raulet added, enable users to adjust leverage, protect downside, capture upside convexity, or pursue yield enhancement strategies through premium writing. Although nano futures target smaller investors, the options are also expected to attract institutional users such as asset managers and hedge funds already familiar with trading similar instruments like iShares Physical Gold ETF options.
“Options offer a greater range of flexibility in trading — a feature that will naturally attract a wider diversity of investors over time,” Raulet said.
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