Cboe Sets Nov. 10 Target for Cash-Settled Bitcoin, Ether Futures – Pending Approval | USAEMALL.com

Cboe Global Markets, one of the world’s largest derivatives and securities exchange networks, has announced plans to launch Cboe Continuous Futures on its Cboe Futures Exchange (CFE) starting November 10, 2025, pending regulatory approval.

The new product line will debut with Bitcoin and Ether contracts, giving U.S. traders access to long-term exposure to digital assets within a regulated, centrally cleared environment.

Unlike traditional futures, which typically expire monthly or quarterly and require rolling into new contracts, the continuous futures will be structured as single, long-dated contracts with a 10-year expiration. Cboe says this format simplifies position management and reduces costs tied to frequent rollovers.

Cboe’s Continuous Futures Target Institutional and Retail Crypto Traders

According to the announcement, the contracts will be cash-settled and aligned with spot market prices through daily cash adjustments. The pricing will use a transparent funding rate methodology to replicate real-time valuations of Bitcoin and Ether.

Speaking at the HOOD Summit in Las Vegas, Catherine Clay, Global Head of Derivatives at Cboe, showed that perpetual-style futures have become dominant on offshore exchanges but lack a regulated U.S. counterpart.

“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 said. She added that the futures are expected to attract both institutional investors and retail traders.

The launch builds on Cboe’s broader strategy to expand its CFE product suite beyond its flagship Cboe Volatility Index (VIX) futures. In recent years, Cboe has rolled out derivatives tied to equities, digital assets, and global fixed income.

The continuous futures will be cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse. Cboe says the move reinforces its goal of creating a robust global exchange and clearing ecosystem.

Ahead of the November debut, Cboe’s Options Institute will hold educational sessions on October 30 and November 20 to help traders understand how continuous futures function.

This development follows several digital asset initiatives from the Chicago-based exchange.

In April 2025, Cboe was expected to launch Cboe FTSE Bitcoin Index futures (XBTF) in partnership with FTSE Russell, a subsidiary of the London Stock Exchange Group. The XBTF contracts will be cash-settled on the last business day of each month and will be based on the FTSE Bitcoin Reduced Value Index, representing one-tenth of the value of the FTSE Bitcoin Index.

The XBTF futures will complement options tied to the Cboe Bitcoin U.S. ETF Index, introduced in November 2024. According to Cboe, the combined suite of cash-settled futures and options is designed to give traders more flexibility to hedge or speculate on Bitcoin price movements without directly holding the asset.

Cboe’s expansion comes as it consolidates its crypto-related offerings. The company lists many of the U.S. spot Bitcoin and Ether exchange-traded funds (ETFs) on its BZX Equities Exchange and recently launched cash-settled Bitcoin index options in standard and mini contract sizes.

Its margined Bitcoin and Ether futures, currently trading on Cboe Digital Exchange, are scheduled to migrate to CFE in the second quarter of 2025.

Cboe Clear Europe has also broadened its clearing services this year, covering securities financing transactions for European equities and ETFs.

Meanwhile, Cboe BZX Exchange has asked the U.S. Securities and Exchange Commission (SEC) for approval to include staking features in the Fidelity Ethereum ETF.

U.S. Regulator Indicates Approval of Crypto Perpetual Futures as Exchanges Expand Trading Access

The U.S. Commodity Futures Trading Commission (CFTC) is preparing to approve perpetual futures contracts for cryptocurrencies, according to outgoing commissioner Summer Mersinger.

Speaking to Bloomberg in May, Mersinger said applications for these products are under review and could reach the market “very soon.”

Perpetual futures, derivative contracts without an expiry date, account for much of global crypto derivatives volume but have long been pushed offshore due to U.S. regulatory limits.

Mersinger said bringing them back onshore will be “beneficial to the industry and the U.S. economy,” stressing that crypto assets are “clearly here to stay.”

The announcement comes as several exchanges, for example, Coinbase, build out their regulated derivatives business. Coinbase launched 24/7 Bitcoin and Ether futures trading in May through Coinbase Derivatives LLC, becoming the first CFTC-regulated platform in the U.S. to provide uninterrupted access.

In July, Coinbase extended its offering by introducing CFTC-regulated perpetual futures for retail traders. The launch included nano Bitcoin (BTC-PERP) and nano Ether (ETH-PERP) contracts with leverage up to 10x.

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