Key Takeaways
- • Cboe Global Markets will launch Bitcoin and Ether Continuous Futures (ticker symbols PBT and PET) on December 15, 2025, offering U.S.-regulated perpetual-style exposure with 10-year expiration contracts and daily cash adjustments.
- • The products will be centrally cleared through Cboe Clear U.S., LLC (a CFTC-regulated derivatives clearing organization) and available for trading 23 hours per day, 5 days per week, eliminating the need for periodic position rolling.
- • Continuous Futures are structured to provide capital efficiency, volatility management, tactical trading opportunities, and short position capability—replicating benefits of traditional futures while offering perpetual-style mechanics currently only available offshore.
- • Rob Hocking, Global Head of Derivatives at Cboe, stated the exchange aims to "expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment," signaling institutional focus on risk management and compliance.
- • Educational support includes Options Institute courses scheduled for December 17 and January 13, 2026, positioning these instruments for institutional adoption.
Summary
Cboe Global Markets announced the launch of Bitcoin and Ether Continuous Futures contracts beginning December 15, 2025, marking a significant expansion of regulated cryptocurrency derivatives availability in the United States. The products—designated as PBT (Bitcoin) and PET (Ether)—represent Cboe's strategic response to demand for perpetual-style exposure previously confined to offshore, unregulated markets.
The Continuous Futures contracts feature a 10-year expiration with daily cash settlement, effectively replicating perpetual futures mechanics while maintaining regulatory clarity. Unlike traditional cryptocurrency perpetual contracts that require manual rolling, these structures automatically adjust daily cash flows, eliminating operational friction for institutional portfolios. Contracts will be available for trading 23 hours daily, five days weekly, and will be centrally cleared through Cboe Clear U.S., LLC—a CFTC-regulated derivatives clearing organization, ensuring counterparty protection and market transparency.
According to Cboe's announcement, the products are designed to deliver institutional portfolio benefits including capital efficiency, volatility hedging, tactical positioning, and short exposure capability. Rob Hocking, Global Head of Derivatives at Cboe, emphasized that the exchange is "excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment," underscoring institutional focus. The structure specifically addresses a market gap where sophisticated investors previously lacked domestic, regulated alternatives to perpetual futures.
Cboe is supporting institutional adoption through educational initiatives, with the Options Institute hosting specialized courses on Continuous Futures scheduled for December 17, 2025, and January 13, 2026. This educational rollout suggests targeted positioning toward hedge funds, asset managers, and institutional traders seeking compliant exposure to cryptocurrency price movements without operational or regulatory friction associated with offshore platforms.
The launch remains subject to regulatory review, though Cboe's announcement language suggests approval trajectory is progressing.
The Continuous Futures contracts feature a 10-year expiration with daily cash settlement, effectively replicating perpetual futures mechanics while maintaining regulatory clarity. Unlike traditional cryptocurrency perpetual contracts that require manual rolling, these structures automatically adjust daily cash flows, eliminating operational friction for institutional portfolios. Contracts will be available for trading 23 hours daily, five days weekly, and will be centrally cleared through Cboe Clear U.S., LLC—a CFTC-regulated derivatives clearing organization, ensuring counterparty protection and market transparency.
According to Cboe's announcement, the products are designed to deliver institutional portfolio benefits including capital efficiency, volatility hedging, tactical positioning, and short exposure capability. Rob Hocking, Global Head of Derivatives at Cboe, emphasized that the exchange is "excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment," underscoring institutional focus. The structure specifically addresses a market gap where sophisticated investors previously lacked domestic, regulated alternatives to perpetual futures.
Cboe is supporting institutional adoption through educational initiatives, with the Options Institute hosting specialized courses on Continuous Futures scheduled for December 17, 2025, and January 13, 2026. This educational rollout suggests targeted positioning toward hedge funds, asset managers, and institutional traders seeking compliant exposure to cryptocurrency price movements without operational or regulatory friction associated with offshore platforms.
The launch remains subject to regulatory review, though Cboe's announcement language suggests approval trajectory is progressing.
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