Cboe's New Futures for Crypto Traders
Cboe Global Markets has made an official announcement regarding the introduction of Bitcoin and Ethereum continuous futures on December 15, 2025. In a regulated environment, these futures will provide long-term exposure to the top crypto assets. The newly introduced products, namely Bitcoin Continuous Futures (PBT) and Ethereum Continuous Futures (PET), are tailored in order to offer investors an innovative option of trading in Bitcoin and Ethereum without going through the routine of rolling contracts.
The futures will last for a period of 10 years and will undergo daily cash settlements to mirror the prices of the underlying asset. The traders can count on a system that provides constant exposure, like that of perpetual contracts, but supported by a U.S.-regulated market. The action has been taken to cater to the increasing need for exposure to crypto that is both regulated and stable.
Previously, Cboe had intended to introduce these futures on November 10 but the release was postponed due to regulatory processes. The futures contracts will offer tactical positioning, volatility management and capital efficiency, which are very essential to both institutional and retail traders. This arrangement is meant to appeal to traders who want to have a simpler method of trading cryptocurrencies without the hassle of the mechanics of expiration of the regular contracts.
The Cboe team has also focused on the need to educate market players on these new products. These futures, as pointed out by Rob Hocking, the Global Head of Derivatives at Cboe, are a reaction to the growing popularity of perpetual-style Bitcoin and Ethereum-based instruments, which have become regulated. The activities of Cboe are also in line with the rules of the U.S. market and provide digital asset traders with a stable trading environment.
Key Features of the Continuous Futures
The Bitcoin and Ethereum continuous futures will both be tracking prices through the Cboe Kaiko Real-Time Rate Organization. This rate gives live updates of the prices of every digital asset, and therefore when the futures' value is determined, it is closely related to the spot market. The future prices will be adjusted to the real-time trends in the spot market on a daily basis, reducing the differences that are common with conventional futures contracts.
Anne-Claire Maurice, Manager Director of Derived Data at Kaiko, elaborated that this design reduces friction in operations that can be a serious hurdle to many traders. By evading the high frequency of contract rollover, Cboe will improve the trading experience of long-term crypto investors. The futures are especially packaged to be appealing to institutional traders who are interested in stable exposure without having to be burdened with operational complexity.
The other important aspect of such a future is the clearing process. Settlement and clearing will be carried out by Cboe Clear U.S. so that counterparty risk is effectively managed. Cboe has promised traders that all margin requirements will meet the Commodity Futures Trading Commission (CFTC) regulations, which offer a clear margin structure to participants. The margin structure also aims at assisting traders to manage risk.
Institutional Appeal and Long-Term Exposure
The opportunity to obtain long-term exposure to Bitcoin and Ethereum in a highly regulated market is one of the main strengths of the continuous futures offered by Cboe. The structure enables traders to hold positions without rolling over contracts all the time, minimizing operational effort. Institutional investors might be particularly interested in this long-term exposure, as it would allow them to have a stable position in cryptocurrencies without the complexity of short-term trading.
The new futures may also attract traders who want a more tactical approach to the market. These futures can be applied in volatility management, portfolio diversification, as well as hedging strategies with adjustments based on spot prices done daily. Furthermore, cross-margining offsets with other Cboe listed products like FBT and FET futures are available, which further increases the capital efficiency of qualified portfolios.
As Cboe is about to introduce these perpetual futures, the market is looking forward to the new opportunities this will bring to Bitcoin and Ethereum in regulated, long-term exposure. It is likely that the December 15 launch date will attract the attention of retail and institutional traders in high numbers. This action also makes Cboe even stronger as a cryptocurrency derivatives trading leader.