Cboe Global Markets, a major player in the exchange network world, encompassing derivatives and securities, has revealed its intention to introduce continuous futures contracts for both Bitcoin (BTC) and Ether (ETH) on its Cboe Futures Exchange platform. Plans indicate a launch date of November 10th, 2025, pending the customary approval from regulatory bodies.
The exchange operator stated that these new financial instruments are crafted to offer consistent, long-term exposure to the Bitcoin and Ethereum markets. Moreover, these Cboe continuous futures are designed to provide access to a perpetual futures-like trading experience within a regulated and secure U.S. market environment.
Catherine Clay, the Global Head of Derivatives at Cboe, commented, “Perpetual-style futures have seen substantial growth and adoption in international markets. Now, Cboe is poised to offer that same advantage within our U.S.-regulated futures exchange, enabling domestic traders to engage with these products confidently, knowing they are trading in a reliable, transparent, and intermediated space.”
This initiative shares similarities with the perpetual futures offerings that crypto exchange Coinbase launched in July, which are also overseen by the Commodity Futures Trading Commission (CFTC).
CBOE Plans for Decade-Long Contracts
A key differentiator of Cboe’s continuous futures is their structure as single, extended-duration contracts spanning a full decade (10 years). This design aims to significantly reduce the frequency with which traders need to roll over their positions, thereby streamlining position management.
Settlement for these contracts will be conducted in cash, pegged to real-time market benchmarks reflecting the prevailing spot prices of Bitcoin and Ether, respectively. This mechanism involves daily cash adjustments determined through a transparent and replicable funding rate methodology.
The company has confirmed that the new Bitcoin and Ether continuous futures will be cleared via Cboe Clear US, a registered derivatives clearing organization under CFTC jurisdiction. This step underscores Cboe’s commitment to strengthening its clearing capabilities as it seeks to develop a comprehensive global ecosystem for derivatives exchange and clearing services.
Catherine Clay further stated, “We believe that these Continuous futures will attract both institutional investors and existing CFE customers, alongside a growing number of retail traders interested in accessing crypto derivatives. As we broaden CFE’s range of offerings to meet the diverse needs of all market participants, these futures represent a significant step forward in our product innovation strategy.”
Cboe has been actively pursuing the listing of additional exchange-traded funds (ETFs) linked to specific digital assets. Most recently, Cboe BZX submitted a request to the Securities and Exchange Commission (SEC) to amend existing rules, specifically to “allow for the listing and trading of Commodity-Based Trust Shares meeting the criteria set forth in the proposed Rule 14.11(e)(4).”
This proposed rule outlines the regulatory framework governing the trading and listing of commodity-based trust shares and establishes precise requirements for certain shares listed on the exchange.
Separately, Centroid Solutions announced a completed integration with Cboe Global Markets, providing Centroid’s broker clients with seamless, direct access to real-time market information from the exchange operator. This collaboration empowers brokers utilizing Centroid’s multi-asset connectivity platform to receive live pricing data for equities, options, indices, and derivatives from U.S. and European markets directly within their trading platforms.
Market Analysts Suggest Cboe is Trading Above Fair Value
Cboe shares closed at $234.37, demonstrating a substantial year-to-date gain of 19.3% and a remarkable 180% return over the past five years. However, the stock experienced a 7.2% decrease over the past month and a 0.7% drop within the last week.
Financial analysts estimate Cboe’s Book Value at $44.60 per share and anticipate Earnings Per Share (EPS) to remain at $11.55. With a cost of equity calculated at $4.41 per share, the resulting Excess Return is $7.14 per share. The average Return on Equity (ROE) is projected to be 21.39% according to some analysts.
Consequently, Cboe Global Markets’ estimated intrinsic value per share stands at $194.49, while the current trading price is $234.37. This assessment suggests that Cboe is currently overvalued by approximately 20.5%, considering its long-term capacity to generate returns exceeding its equity costs.
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