TLDR
- Cboe will launch Bitcoin and Ether Continuous Futures on December 15, 2025, pending regulatory approval.
- The new futures contracts offer long-term exposure to Bitcoin and Ether with a 10-year expiration.
- The Continuous Futures feature daily cash adjustments to align with the underlying asset prices.
- The futures will be cash-settled and centrally cleared through Cboe Clear U.S. to reduce counterparty risk.
- Margin requirements for the products will comply with CFTC regulations and include cross-margining opportunities.
Cboe Global Markets, Inc. announced plans to launch its new Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) on December 15, 2025. These futures contracts will be available for trading on Cboe Futures Exchange (CFE), pending regulatory approval. The move will offer traders long-term exposure to Bitcoin and Ether in a U.S.-regulated environment.
Bitcoin Futures to Offer Long-Term Exposure
Cboe’s Bitcoin Continuous Futures are designed to provide long-term exposure to Bitcoin. The contracts will feature a 10-year expiration and daily cash adjustments. This structure aims to eliminate the need to roll positions periodically, offering a perpetual-style exposure to Bitcoin.
Rob Hocking, Cboe’s Global Head of Derivatives, emphasized the significance of these products. “We are excited to expand access to perpetual-style futures within a U.S.-regulated market,” Hocking said. He also highlighted the advantages of Bitcoin Futures, including capital efficiency, volatility management, and tactical trading.
The Bitcoin Continuous Futures will be cash-settled and centrally cleared through Cboe Clear U.S., helping mitigate counterparty risk. Additionally, margin requirements will comply with CFTC regulations. Traders can also benefit from cross-margining offsets with other CFE-listed products.
Cboe Introduces Efficient Ether Futures Structure
Cboe’s Ether Continuous Futures (PET) will mirror the structure of the Bitcoin futures. They are also designed to provide efficient exposure to Ether. With a 10-year expiration and daily cash adjustments, these futures offer a similar model to Bitcoin’s continuous futures.
Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, expressed support for the new offering. “These continuous futures eliminate the operational friction of rolling positions while maintaining transparency,” Maurice said. She emphasized that Ether Futures would appeal to institutional investors seeking long-term exposure.
Both the Bitcoin and Ether futures will use Cboe Kaiko Real-Time Rates to track the underlying digital assets. The daily cash adjustments will ensure that the futures prices align with those of Bitcoin and Ether. This structure aims to provide a smoother trading experience.
Educational Efforts to Promote Understanding of New Products
Cboe is committed to educating investors about the new Bitcoin Futures and Ether Futures products. The Options Institute, Cboe’s educational division, will offer courses on these Continuous Futures. The courses will take place on December 17, 2025, and January 13, 2026.
These efforts will help market participants understand how to use Bitcoin Futures and Ether Futures effectively. Registration for the courses is now open to the public. Cboe aims to support traders in leveraging these new futures for portfolio and risk management.
Cboe’s new Bitcoin and Ether Continuous Futures are poised to offer a transparent, U.S.-regulated alternative for digital asset exposure. The products aim to provide traders with an efficient way to manage their cryptocurrency exposure without the need to roll positions regularly.
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