Cboe to Launch Bitcoin and Ether Continuous Futures for Long-Term Crypto Exposure

TLDR:

• Cboe’s Bitcoin & Ether Continuous Futures launch Dec 15, 2025.
• Trade Bitcoin and Ether with 10-year futures and daily cash adjustments.
• New futures products streamline trading and reduce operational friction.
• Bitcoin & Ether Continuous Futures offer enhanced volatility management.
• Cboe introduces regulated futures for long-term crypto exposure.

Cboe Global Markets announced the introduction of Bitcoin and Ether Continuous Futures, set to begin trading on December 15, 2025. The new products aim to provide long-term exposure to Bitcoin and Ether with the added benefit of perpetual-style trading. These futures will eliminate the need for rolling positions, offering a more streamlined way to gain exposure to these digital assets.

Bitcoin Continuous Futures (PBT): A New Way to Trade Bitcoin

Cboe’s Bitcoin Continuous Futures (PBT) will enable market participants to gain exposure to Bitcoin without the operational friction of rolling over futures contracts. The contracts will have a 10-year expiration at listing, offering a unique opportunity for long-term positioning. PBT will feature a daily cash adjustment, which will align the futures price with Bitcoin’s spot price.

This new offering follows the growing demand for Bitcoin-related financial products in regulated markets. With Cboe’s PBT futures, traders will benefit from enhanced capital efficiency and volatility management. The contract structure allows for both long and short positions, providing flexibility for a range of strategies.

The PBT futures will be cash-settled and cleared through Cboe Clear U.S., ensuring transparency and reducing counterparty risk. The daily cash adjustment, or Funding Amount, will promote price alignment between the futures contracts and Bitcoin. Cboe aims to enhance liquidity and efficiency in the market with these Continuous Futures, fulfilling a need for more controlled Bitcoin exposure.

Ether Continuous Futures (PET): A New Approach to Ether Exposure

Cboe’s Ether Continuous Futures (PET) will offer a similar structure to the Bitcoin futures, providing traders with long-term exposure to Ether. These futures will also carry a 10-year expiration and daily cash adjustments. The PET futures are designed to allow participants to enter short positions, manage volatility, and gain exposure to Ether in a regulated environment.

The launch of PET aims to meet the growing institutional demand for cryptocurrency-related products. With its daily cash adjustments, the PET futures will track the spot price of Ether, ensuring alignment between the futures and the underlying asset. As with the Bitcoin futures, the PET contracts will be cash-settled and centrally cleared, further reducing risk for market participants.

Cboe’s new Ether futures provide an efficient way for traders to engage with Ether in a regulated marketplace. These products come with the added benefit of cross-margining offsets, enabling a more efficient use of capital across other Cboe futures products. Cboe is committed to expanding its offerings to meet evolving market needs and provide a platform for effective risk management.

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