Cboe Digital, the cryptocurrency division of the Chicago Board Options Exchange, is eyeing an April 28 launch for its latest product: the Cboe FTSE Bitcoin Index Futures (XBTF). The offering, developed in partnership with FTSE Russell, is pending regulatory approval. If greenlit, the cash-settled futures contracts will be tied to the XBTF Index—representing one-tenth the value of the FTSE Bitcoin Index—and will settle on the last business day of each month.

This move reflects a maturing crypto derivatives market and rising demand for structured, capital-efficient Bitcoin exposure. Futures, by design, allow investors to lock in prices and hedge positions—tools that are especially critical in volatile markets like crypto.

Catherine Clay, Cboe’s Global Head of Derivatives, framed the timing as strategic. “Investors are looking for flexibility and efficiency in how they approach crypto exposure,” she said, pointing to a growing client base already using Cboe’s suite of spot Bitcoin ETFs and ETF options.

The XBTF futures represent a natural extension of Cboe’s product ecosystem, offering institutional traders another avenue to manage Bitcoin positions without directly holding the asset. The contracts are designed for precision, predictability, and ease of integration into existing portfolios.

Cboe has been steadily building its digital asset presence. In late 2023, it became the first U.S. exchange approved by the CFTC to offer both spot and margined crypto derivatives on a single platform—a major milestone that set the stage for innovations like XBTF.

With FTSE Russell’s index expertise and Cboe’s regulatory track record, the XBTF futures aim to offer a credible, risk-conscious entry point for institutions navigating the crypto landscape.

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