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Cboe set to launch new FTSE Bitcoin futures product in April

The Chicago Board Options Exchange (Cboe) has announced the launch of a new Bitcoin futures derivative product.According to an April 7 announcement, Cboe plans to launch the FTSE Bitcoin Index futures on April 28, which...

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Cboe set to launch new FTSE Bitcoin futures product in April

The Chicago Board Options Exchange (Cboe) has announced the launch of a new Bitcoin futures derivative product.

According to an April 7 announcement, Cboe plans to launch the FTSE Bitcoin Index futures on April 28, which is based on the VanEck Bitcoin Strategy ETF (XBTF), if approved by regulators.

The new product will be cash-settled, and like XBTF, it will represent one-tenth of the value of the FTSE Bitcoin Index. The futures will settle on the last business day of each month.

This is the first product that was launched as a result of Cboe’s collaboration with the London Stock Exchange Group’s index subsidiary, FTSE Russell. The new Bitcoin derivative product is reportedly meant to complement its recently launched Bitcoin options offerings, Bitcoin US ETF Index Options (CBTX) and Bitcoin US ETF Index Options (MBTX). Catherine Clay, global head of derivatives at Cboe, said:

“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.”

Related: Largest ever CME gap has just printed in Bitcoin futures

Cboe continues crypto product development

Cboe is a major player in the worldwide financial landscape and a historic institution founded in 1973. The exchange is also a provider of Bitcoin (BTC) products, having launched its first Bitcoin futures contracts on Dec. 10, 2017.

Now, Cboe continues to innovate the traditional markets that appear so glacial in their evolution to crypto natives. In early February, the exchange further shrank the gap between crypto and traditional finance by announcing plans to roll out a 24-hour trading day — but only on weekdays.

Related: Cboe files amended applications to list Bitcoin, Ethereum options in US

Bitcoin futures are not a thing of the past

Despite the introduction of Bitcoin exchange-traded funds (ETFs), Bitcoin futures are still widely traded and discussed among crypto market participants. In late March, Bitcoin futures leveraging led to a $10 billion open interest wipeout.

Product development is also still ongoing in the segment. In March, Coinbase announced that it plans to offer 24/7 trading for Bitcoin and Ether futures to US residents.

Also in March, Singapore Exchange (SGX), the largest exchange group in Singapore, was reported to plan to debut Bitcoin perpetual futures in the second half of 2025.

Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5

Why this matters

This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.

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