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FLEX Your Bitcoin Strategy

Cboe Bitcoin U.S. ETF Index Options

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.

Volatility Insights with Mandy Xu

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

DescriptionCboe Bitcoin U.S. ETF Index OptionsCboe Mini Bitcoin U.S. ETF Index Options
Options ChainCBTXCBTXMBTXMBTX
Root TickerCBTXCBTXWMBTXMBTXW
AM or PM SettlementAMPMAMPM
Settlement Date***3rd FridayLast Trading Day of Month3rd FridayLast Trading Day of Month
Settlement Value TickerCBTXSCBTXMBTXSMBTX
Approximate Notional Size (if Cboe Bitcoin U.S. ETF Index level is 2000)$200,000$200,000$20,000$20,000
Settlement TypeCash
Exercise StyleEuropean
FLEX AvailableYes

*** If the Exchange is closed on a Friday, AM settled option series will expire on the first business day immediately prior to that Friday.

About the Underlying Index

Cboe Bitcoin U.S. ETF Index options are based on Cboe Bitcoin U.S. ETF Index (CBTX), an index designed to reflect the price return performance of spot Bitcoin exchange-traded funds (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.

Constituents by Index Weight

SymbolConstituentCUSIPCountryWeight (%)
IBITiShares Bitcoin Trust ETF46438F101USA9.10
GBTCGrayscale Bitcoin Trust389637109USA9.09
BTCGrayscale Bitcoin Mini Trust ETF389930207USA9.09
FBTCFidelity Wise Origin Bitcoin Fund315948109USA9.09
BITBBitwise Bitcoin ETF Trust09174C104USA9.09
ARKBARK 21Shares Bitcoin ETF040919102USA9.09
HODLVanEck Bitcoin Trust92189K105USA9.10
BRRRCoinshare Valkyrie Bitcoin Fund91916J100USA9.09
BTCOInvesco Galaxy Bitcoin ETF46091J101USA9.08
EZBCFranklin Bitcoin ETF354921108USA9.09
BTCWWisdomTree Bitcoin Fund97720F101USA9.09

Data as of May 1, 2025

Vendor Trading Symbols

Cboe Bitcoin U.S. ETF Index Options
SettlementBloombergIce DataLiveVolSilexx
AMCBTXO:CBTXCBTXCBTX
PMCBTXWO:CBTXCBTXWCBTW
Cboe Mini Bitcoin U.S. ETF Index Options
SettlementBloombergIce DataLiveVolSilexx
AMMBTXO:MBTXMBTXMBTX
PMMBTXWO:MBTXMBTXWMBTXW
View all vendor symbols

Educational Resources from The Options Institute

Cboe Bitcoin U.S. ETF Index Options

Crypto ETFs and Indices

Resources

Bitcoin

U.S. ETF Index Options Contract Specifications

Mini Bitcoin

U.S. ETF Index Options Contract Specifications

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