New FTSE Bitcoin Index Futures Begin Trading on Cboe Futures Exchange

On April 29, 2025, Cboe Futures Exchange rolled out a new futures contract — XBTF — pegged to the FTSE Bitcoin Reduced Value Index. The product is cash-settled in dollars, allowing institutional traders to gain regulated exposure to Bitcoin price action without taking custody of the asset.

XBTF joins Cboe’s expanding suite of crypto derivatives, which already features Bitcoin ETFs and index-based options.

The XBTF futures derive their pricing from the FTSE Bitcoin Reduced Value Index — a calculated one-tenth slice of the broader FTSE Bitcoin benchmark. By shrinking the contract size, Cboe has created a futures product that’s better aligned with the risk appetites of both institutional portfolios and nimble trading strategies.

XBTF futures are cash-settled in dollars, with contracts closing on the last business day of the month. The absence of physical delivery simplifies trading — users gain exposure to Bitcoin price movement without handling the asset directly.

Market Updates to Watch: Bitcoin Still Locked Below $95,000 After Multiple Rejection Points

XBTF joins Cboe’s expanding suite of digital asset products, complementing Bitcoin ETF index options traded under the CBTX and MBTX tickers. Consistent with Cboe’s crypto derivatives model, all trades are cleared through the OCC, ensuring full transparency and operational integrity.

Why Institutions Are Turning to XBTF Futures

The XBTF contract is purpose-built for institutional-scale players such as:

• Hedge funds,
• Proprietary desks,
• Asset managers.

For these actors, XBTF opens the door to a wide range of calibrated hedge strategies — offering a way to absorb Bitcoin’s volatility, gain index-linked exposure, and execute structured trading models — all within the rigor of a regulated exchange ecosystem.

Check this out: Robinhood Rolls Out Futures Trading for BTC, Oil, and S&P 500

As Cboe noted, the rollout of XBTF addresses the surge in demand from hedge funds, asset managers, and professional traders for regulated instruments to hedge digital asset exposure. The exchange is reinforcing its position by providing institutional-grade infrastructure that aligns with the standards of traditional derivatives ecosystems.

Barak Capital and Prime Trading Support XBTF Liquidity

The new XBTF futures contract benefits from active liquidity provision by Barak Capital and Prime Trading — both established participants in Cboe’s digital asset ecosystem. Their involvement not only supports smoother price discovery but also affirms the contract’s institutional relevance from day one.

Prime Trading, LLC is excited to support Cboe's continued expansion of its crypto derivatives product suite and to act as a liquidity provider in the new XBTF futures. We are strongly aligned with Cboe's efforts to grow the crypto derivatives market and look forward to working with Cboe to provide its customers with a best-in-class trading experience,

 — Tom Chlada, COO at Prime Trading.

XBTF represents the next phase in Cboe’s strategy to establish a secure, institutional-grade environment for trading digital assets.

By creating a market where crypto derivatives mirror the transparency, settlement discipline, and liquidity of traditional futures and options, Cboe is paving the way for deeper integration of digital assets into the mainstream financial system.