TLDR
Cboes Bitcoin Continuous Futures (PBT) are scheduled to launch on Dec 15, 2025 %%CKPROTECTED0%%.
- Perpetual-style Continuous Futures use 10-year expiries and daily cash adjustments to track spot prices product details.
- Trading runs roughly 245 (Sunday evening to Friday evening, ET) hours.
- Launch remains pending final regulatory review status.
Deep Dive
1. Product Design
Cboes Continuous Futures are engineered to mimic perpetual swaps within a U.S.-regulated framework. They list with 10-year expiries and apply a daily cash adjustment to keep futures aligned with spot prices structure.
- Contracts are cash-settled and centrally cleared via Cboe Clear U.S., with margin rules under CFTC standards clearing.
- Cboe indicates potential cross?margining with existing CFE crypto futures (FBT/FET) for capital efficiency cross?margining.
If you need long-term, regulated BTC exposure without rolling quarterly futures, this design cuts operational friction while retaining familiar margin and clearing mechanics.
2. Trading Hours
The venue targets near-continuous access typical of futures markets. Trading is set for a 245 schedule from Sunday evening to Friday evening (ET), with a brief daily break hours.
- This cadence suits institutional workflows that require regular rebalancing and hedging windows across global time zones context.
You can manage BTC risk during most of the week in a regulated setting, which is helpful for hedging ETF or spot exposure without offshore venues.
3. Regulatory Status
Cboes start date is set for Dec 15, 2025, but remains subject to final regulatory review. The initiative was previously targeted for Nov 10 and was delayed status, timeline.
The timetable looks firm, but institutions typically plan with contingencies until the final green light is confirmed in a formal notice.
Conclusion
Cboe plans to launch U.S.-regulated, perpetual?style Bitcoin futures on Dec 15, 2025, offering long?term exposure with daily cash adjustments and near?continuous trading date. If regulatory sign?off stays on track, this could shift some hedging and leveraged positioning from offshore venues into a clearer, CFTC?supervised environment.
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