Cboe to Launch Bitcoin, Ether Continuous Futures in November
Cboe Global Markets Inc. said Tuesday it plans to introduce Bitcoin and Ether continuous futures on its Cboe Futures Exchange starting Nov. 10, pending regulatory approval. The offering would give U.S. traders a new way to access cryptocurrency derivatives in a regulated setting. Unlike traditional futures contracts that require rolling over at expiration, Cboe said the new contracts are designed to function as long-dated instruments with a 10-year maturity. New Product Structure The Continuous futures will be cash-settled and tied to the real-time spot prices of bitcoin and ether. Daily cash adjustments will align the contracts with spot market levels using a funding rate methodology, according to Cboe. This design aims to simplify position management for market participants by reducing the need for frequent contract rolls. Similar structures, sometimes described as perpetual-style futures, have been widely used on offshore trading platforms. Expanding Derivatives Access Catherine Clay, global head of derivatives at Cboe, said at the HOOD Summit in Las Vegas that the exchange sees demand for perpetual-style futures in the United States. The new contracts, she noted, could appeal to both institutional clients and retail traders seeking exposure to cryptocurrency markets. Cboe Clear U.S., a clearinghouse regulated by the Commodity Futures Trading Commission, will handle clearing for the contracts. That structure places the products within the framework of U.S. financial regulation, where trading is intermediated and centrally cleared. Broader Strategy The rollout of Bitcoin and Ether Continuous futures extends Cboe’s digital asset strategy. The company has been expanding its CFE lineup beyond its flagship volatility index futures to include equity volatility, crypto-related products and global fixed-income derivatives. The firm said the planned November launch is part of a longer-term roadmap to diversify its exchange offerings while building a larger clearing and derivatives ecosystem.