Options on Bitcoin Futures

Coming Q1 2020

In response to growing interest in cryptocurrencies and customer demand for tools to manage bitcoin exposure, CME Group will launch options on Bitcoin futures (BTC) in early 2020:*

  • Value based on the regulated, robust CME CF Bitcoin Reference Rate (BRR), which is calculated daily using trade flow from major bitcoin exchanges and trading platforms
  • Settles into actively traded CME Bitcoin futures (BTC)
  • Offers BTC traders potential to save on margins, through margin offsets
  • Mitigates risk of counterparty default through central clearing
  • Expands your choices for managing risk and building strategies — see how options on futures can help you achieve different investment outcomes

*Pending regulatory approval

View FAQ for more information


Preliminary Contract Specifications

Contract Unit:

1 Bitcoin Futures contract (which represents 5 bitcoin)

Price Quotation

U.S. dollars per one bitcoin

Minimum Price Fluctuation

Regular Tick: 5 index points ($25.00) for premium > 25 index points
Reduced Tick: 1 index point ($5.00) for premium at or below 25 index points

Trading Hours

CME Globex and CME ClearPort: 5:00pm to 4:00pm CT Sunday-Friday

Product Code


Listing Cycle

The listing cycle will mirror that of the BTC futures. Subject to review and revision

Exercise procedure

European style (with no contrarian instructions)

Termination of Trading Last Day of Trading is the last Friday of contract month.
Trading in expiring futures terminates at 4:00 p.m. London time on Last Day of Trading.
Block Minimum 5 contracts
Settlement at Expiration Option exercise results in a position in the underlying cash-settled futures contract. In-the-money options are automatically exercised into expiring cash-settled futures, which settle to the CME CF Bitcoin Reference Rate (BRR) at 4:00 p.m. London time on the last Friday of the contract month.

Pending regulatory review

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