Cboe futures exchange launches cash-settled bitcoin index futures

Cboe Global Markets, the world’s leading derivatives and securities exchange network, announced it has begun offering trading in its new Cboe FTSE Bitcoin Index futures. The firm said the new cash-settled futures will be based on the FTSE Bitcoin Reduced Value Index (XBTF).

Cboe noted that XBTF futures are settled in the afternoon on the last business day of each month. The firm added that the new futures are based on the XBTF Index, which represents 1/10th the value of the FTSE Bitcoin Index.

Cboe launches cash-settled Bitcoin index futures

The latest addition to our growing suite of digital asset derivatives is available for trading: Cboe FTSE Bitcoin Index futures (#XBTF)!

More details and comments from market participants in the press release:https://t.co/Qyd8jML2C4 @FTSERussell pic.twitter.com/OUm0Y8fYdR

— Cboe (@CBOE) April 29, 2025

Cboe Global Markets has added new cash futures based on the FTSE Bitcoin Reduced Value Index, which is the latest addition to its growing suite of digital asset derivatives. The futures exchange firm revealed the launch of trading its Cboe FTSE Bitcoin Index futures, which are exclusively listed on Cboe Futures Exchange, LLC (CFE). 

The company noted that the new XBTF futures are expected to provide market participants with another versatile tool to express views on BTC or manage risk. Cboe also acknowledged that XBTF futures are cash-settled contracts, meaning positions are closed in cash at expiration. The firm argued that it removes the complexities of physically delivering digital assets.

“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.”

–Catherine Clay, Global Head of Derivatives at Cboe.

Clay added that the launch of the new Cboe FTSE Bitcoin Index Futures adds a key building block to the firm’s crypto derivatives toolkit. She argued that it will offer market participants another versatile tool to gain and seek to hedge BTC exposure, all within a regulated and transparent marketplace with centralized clearing.

Cboe advances its cash-settled options products

1/Big news: @CBOE Bitcoin Index Options are LIVE! 🚨

While it’s not getting Bitcoin ETF-level buzz from retail, make no mistake—this is a game-changer.

Why? These FLEX-ible options unlock the door to the "defined outcome" product market for Bitcoin.

Let’s break it down 🧵: pic.twitter.com/Tx1DCQgEi5

— Jeff Park (@dgt10011) December 3, 2024

The futures exchange introduced XBTF futures following its earlier launch of cash-settled options on the Cboe Bitcoin U.S. ETF Index (CBTX and MBTX). The firm argued that both launches create a complementary suite of Bitcoin-related derivatives products. 

The company said it expects each product to be a useful tool for managing BTC volatility on its own. Cboe also hopes both products can be used in tandem to execute more advanced trading strategies. The exchange noted that XBTF futures are cleared through OCC, which also clears CBTX and MBTX.

Barak Capital commented on the launch and stated that the ability to access efficient and stable markets is paramount, as investor participation in virtual currencies has grown and become more institutionalized. The firm also highlighted that it has been an established liquidity provider for Cboe’s markets for years. 

Barak Capital noted that it looks forward to acting as a liquidity provider in Cboe FTSE Bitcoin Index futures and to also supporting Cboe’s market in the product.

Tom Chlada, Chief Operating Officer at Prime Trading, LLC, acknowledged that Prime Trading was excited to support Cboe’s continued expansion of its crypto derivatives product suite. He also expressed the firm’s excitement about acting as a liquidity provider in the new XBTF futures. 

Chlada maintained that Prime Trading was strongly aligned with Cboe’s efforts to grow the crypto derivatives market. He also added that the company was looking forward to working with Cboe to provide its customers with a “best-in-class trading experience.”

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