Cboe Bitcoin U.S. ETF Index options
FLEX Your Bitcoin Strategy
A historic moment in U.S. markets. Beginning December 2, Cboe will offer the first SEC-regulated cash-settled options related to the price of spot Bitcoin ETFs available to U.S. market participants. *
Cboe Bitcoin U.S. ETF Index (CBTX) options and Cboe Mini Bitcoin U.S. ETF Index (MBTX) options offer tools to hedge, capitalize on price movements, or express directional views on the world’s largest cryptocurrency without holding the asset.
*Subject to regulatory review
Why Trade CBTX and MBTX ?
- Cash-Settled and European Exercise
- Trades settle in cash at expiration, eliminating unwanted physical delivery of Bitcoin ETFs and early assignment risk.
- Reduces Counter Party Risk
- All trades are cleared by The Options Clearing Corporation® (OCC), enhancing transaction security.
- Flexible Trading
- Access standard monthly and end-of-month (EOM) options, or fine-tune strategies with FLEX options that accommodate custom expiration dates and other key contract terms.
- Targeted Exposure
- At 1/10th the notional value of the standard options, Cboe Mini Bitcoin U.S. ETF Index (MBTX) options are also available to manage basis risk or achieve more targeted exposure in portfolios of varying sizes.
Product Comparison
| Description | Cboe Bitcoin U.S. ETF Index Options | Cboe Mini Bitcoin U.S. ETF Index Options | ||
|---|---|---|---|---|
| Options Chain | CBTX | CBTX | MBTX | MBTX |
| Root Ticker | CBTX | CBTXW | MBTX | MBTXW |
| AM or PM Settlement | AM | PM | AM | PM |
| Settlement Date*** | 3rd Friday | Last Trading Day of Month | 3rd Friday | Last Trading Day of Month |
| Settlement Value Ticker | CBTX | CBTX | MBTX | MBTX |
| Approximate Notional Size (if Cboe Bitcoin U.S. ETF Index level is 2000) | $200,000 | $200,000 | $20,000 | $20,000 |
| Settlement Type | Cash | |||
| Exercise Style | European | |||
| FLEX Available | Yes | |||
About the Underlying Index
Cboe Bitcoin U.S. ETF Index options are based on Cboe Bitcoin U.S. ETF Index (CBTX), a modified market capitalization-weighted index that is designed to track the performance of a basket of spot Bitcoin ETFs listed on U.S. exchanges. Options on Cboe Mini Bitcoin U.S. ETF Index (MBTX) is based on 1/10th the value of the Cboe Bitcoin U.S. ETF Index.
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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 Bitcoin U.S. ETF Index Options. Additionally, the planned launch of Cboe Bitcoin U.S. ETF Index Options remains subject to regulatory review. There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers. These products are complex and are suitable only for sophisticated market participants. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. 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. S&P, S&P 500, US500, 500, THE 500, SPDR, SPX, and DSPX are trade names or trademarks of S&P Dow Jones Indices, LLC, or its affiliates ("S&P"). Any products that have an S&P index as their underlying interest are not sponsored, endorsed, sold, or promoted by S&P and S&P makes no representation regarding the advisability of investing in any investment product that is based on any such indices.