Key Highlights:
- Cboe Global Markets is looking to launch new products around Bitcoin and Ethereum.
- Cboe recently announced plans to introduce Bitcoin and Ethereum Continuous futures in the market.
- These contracts are subject to CFTC approval and are expected to go live in November.
On Tuesday, Cboe Global Markets, Inc. announced that it is making preparations to introduce a new set of futures contracts that would ease the process of accessing and trading digital assets among U.S. investors. The regulator-approved initiative will have Cboe Futures Exchange (CFE) launch Continuous futures akin to Bitcoin and Ethereum starting November 10, 2025.
Cboe Global Markets to Launch Bitcoin, Ethereum Continuous Futures
The new contracts will provide market participants with an alternative to the traditional futures in a streamlined form. Unlike the shorter maturities, which would compel investors to roll the contracts regularly, these products will be issued with maturities going up to a decade. The lengthy period is expected to enable the traders to have long-term exposure without the hassle of operations that are associated with frequent rollovers.
Cboe says the agreements will be cash-settled and tied directly to existing spot market prices of Bitcoin and Ethereum. The exchange will adjust prices daily by a transparent funding-rate model, which the exchange claims to keep the values of contracts in line with the underlying market movements.
Catherine Clay, Cboe Global Head of Derivatives, highlighted the market potential that the firm has in this design. Speaking at the HOOD Summit in Las Vegas, she noted, “Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our U.S.-regulated futures exchange and enabling U.S. traders to access these products with confidence in a trusted, transparent, and intermediated environment.”
Clay added that the new suite is expected to attract a wide spectrum of users. “We expect Continuous futures to appeal not only to institutional market participants and existing CFE customers, but also to a growing segment of retail traders seeking access to crypto derivatives,” she said.
The contracts will be cleared by Cboe Clear U.S., the CFTC-regulated clearinghouse of the exchange operator. Recalling the products to its clearing arm, Cboe is positioning itself to diversify its exchange and post-trade infrastructure into the emerging digital asset derivatives market.
Factors Behind Recent Repositioning of Assets
The relocation is part of the overall Cboe strategy of broadening the portfolio of CFE beyond its flagship Cboe Volatility Index (VIX) futures. The company has also launched products in the past years related to the movements within the equity market, digital tokens, and fixed income indexes worldwide. Continuous futures are another move towards such an expansion.
To traders, the new contract structure of Cboe is the difference between the traditional futures and the new design. As a standard futures position must be renewed when it expires (typically monthly or quarterly), the Continuous model, in theory, is supposed to be a single long-dated instrument. This resembles the workings of perpetual futures, which have now gained headiness on offshore crypto exchanges, except with a 10-year fixed horizon and a clearing framework managed by U.S. regulators.
Cboe also intends to launch an educational initiative before the launch. The Options Institute, its training division, will offer two courses that would familiarize market participants with Continuous futures. They are going to be on October 30 and November 20 and will be open to general registration.
Clay emphasized education as one of the main aspects of rollout activities and pointed to the fact that awareness and knowledge among professional and retail investors will be critical conditions of adoption. With the November date coming closer, the question of Ethereum regulatory approval will be in place in time, and how market participants will react to the idea of long-duration futures contracts in two of the most actively traded digital currencies in the world will be the subject of concern.
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