What Are Cboe FTSE Bitcoin Index (XBTF) Futures?

Cboe FTSE Bitcoin Index Futures are futures contracts based on the price of bitcoin in U.S. dollars as reflected by the FTSE Bitcoin Reduced Value (1/10th) (XBTF) Index. The XBTF Index is 1/10th the value of the FTSE Bitcoin Index. The XBTF Index is a FTSE Russel index developed in collaboration with Digital Asset Research. XBTF futures are cash-settled futures on the XBTF Index that have p.m. settlement and settle on the last business day of a month. XBTF futures are planned to be made available for trading on Cboe Futures Exchange, LLC (CFE).

Building on Cboe's growing suite of bitcoin derivatives products, XBTF futures contracts are planned to complement Cboe’s recently launched securities options on the Cboe Bitcoin U.S. ETF Index (Ticker: CBTX) that are listed for trading on Cboe Exchange, Inc. (Cboe Options). By making available both cash-settled futures and options based on bitcoin, Cboe intends to provide market participants with a more comprehensive suite of products to implement trading and hedging strategies relating to bitcoin. Cboe plans to clear XBTF futures through OCC which also clears CFTX options

XBTF futures to be cleared through OCC will also complement Cboe’s financially-settled margin futures on bitcoin (FBT) and on ether (FET) cleared through Cboe Clear U.S., LLC (CCUS). Cboe is migrating FBT and FET futures from trading on Cboe Digital Exchange, LLC (CDE) to trading on CFE effective on trade date June 9, 2025, subject to regulatory review. FBT and FET futures will continue to clear through CCUS following their transfer to CFE. Further information regarding the migration of these products to CFE may be found here.

Cboe Futures Exchange (CFE®) Rules

The CFE Rulebook includes rules that govern trading on CFE. The Policies and Procedures section contains policies and procedures that supplement the rules in the CFE Rulebook. These documents will be updated to include rules relating to XBTF futures upon the launch of the product.

• CFE Rule Book
• CFE Policies and Procedures

Contact Us

Global Sales	CFE Market Data	CFE Trade Desk
Jennifer Fortino Director of Global Derivatives Sales jfortino@cboe.com	Market Data Services marketdata@cboe.com 212-378-8821	CFE Trade Desk cfetradedesk@cboe.com 312-786-8700

Disclaimers:
This information is a high-level overview of what is currently contemplated. The information included is subject to change and to more detailed provisions that would be put in place in connection with the planned launch of Cboe FTSE Bitcoin Index (XBTF) futures. Additionally, the planned launch of XBTF futures remains subject to regulatory review.

This information is provided for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, option on a future, security future, digital asset, financial instrument, investment fund, or other investment product (collectively, a "financial product"), or to provide investment advice.

Trading in futures and options on futures is not suitable for all market participants and involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a futures or options on futures position. You should, therefore, carefully consider whether trading in futures and options on futures is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle. For additional information regarding the risks associated with trading futures and options on futures and with trading security futures, see respectively the Risk Disclosure Statement Referenced in CFTC Letter 16-82. and the Risk Disclosure Statement for Security Futures Contracts. Certain risks associated with options, futures, and options on futures and certain disclosures relating to information provided regarding these products are also highlighted at https://www.cboe.com/us_disclaimers/.

Hypothetical scenarios are provided for illustrative purposes only. The actual performance of financial products can differ significantly from the performance of a hypothetical scenario due to execution timing, market disruptions, lack of liquidity, brokerage expenses, transaction costs, tax consequences, and other considerations that may not be applicable to the hypothetical scenario.