Cboe Global Markets, Inc., the world’s leading network for derivatives and securities exchanges, has announced the successful migration of its digital asset futures — specifically Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) futures — from the Cboe Digital Exchange to the Cboe Futures Exchange (CFE) as of June 9, 2025.
This strategic consolidation places all of Cboe’s U.S. futures products under one roof, leveraging CFE’s robust infrastructure and Cboe’s unified technology platform, Cboe TitaniumSM. The move is expected to enhance customer experience by streamlining access, improving operational efficiency, and expanding CFE’s tradable product offerings.
Strengthening Cboe’s Futures Ecosystem
CFE, known for its flagship Cboe Volatility Index (VIX) futures launched more than 20 years ago, has built a reputation as a leader in volatility trading and innovation within the centrally cleared, exchange-listed environment. The integration of digital asset futures onto this platform underscores Cboe’s commitment to expanding its product suite across asset classes — including equity volatility, digital assets, and global fixed income.
The newly migrated FBT and FET futures, originally launched on the Cboe Digital Exchange in January 2024, are cash-settled contracts based on the Cboe Kaiko Rate Index for Bitcoin and Ether. They now join the Cboe FTSE Bitcoin Index Futures (XBTF), which are also cash-settled and based on the FTSE Bitcoin Reduced Value Index, further enriching CFE’s digital product lineup.
Both FBT and FET futures will be available for trading nearly 24 hours a day, five days a week, reflecting the continuous nature of digital asset markets.
Enhanced Clearing Capabilities
An important aspect of this migration is the continued central clearing of FBT and FET futures through Cboe Clear U.S., a CFTC-regulated derivatives clearing organization. This development establishes a direct clearing relationship between CFE and Cboe Clear U.S., laying the groundwork for future growth in Cboe’s global clearing operations. Other U.S. futures listed on CFE will remain cleared through OCC (Options Clearing Corporation).
Technology Built for Global Consistency and Local Innovation
All trading on CFE now runs on Cboe Titanium, the unified technology platform powering Cboe’s global equities, options, and futures markets. Designed for global consistency with local optimization, Cboe Titanium ensures a seamless experience for institutional and retail participants alike. Its modular architecture also allows for tailored innovation across asset classes — such as digital assets — enhancing flexibility and resilience.
Looking Ahead
The successful migration of Cboe’s digital futures marks another milestone in the company’s broader strategy to deliver a globally integrated, technologically advanced exchange ecosystem. By combining digital asset products with established futures infrastructure, Cboe is positioning itself at the forefront of innovation in exchange-traded derivatives.
