Cboe Options to List Cboe Bitcoin U.S. ETF and Cboe Mini Bitcoin U.S ETF Index Options

Reference ID: C2024112200

Applicable Cboe Exchanges: Cboe Options

OVERVIEW

Cboe is pleased to announce that effective trade date December 2, 2024, Cboe Options Exchange (C1) will begin listing Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index options having a standard contract deliverable multiplier of $100.

TECHNICAL DETAILS

Cboe Bitcoin U.S. ETF Index Options are options based on the Cboe Bitcoin U.S. ETF Index, 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. Cboe Mini Bitcoin U.S. ETF Index Options are options on the Cboe Mini Bitcoin U.S. ETF Index, based on 1/10th the value of the Cboe Bitcoin U.S. ETF Index.

Upon the effective date, Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index options will be listed on C1 residing exclusively on Matching Unit 31 using the following root symbols:

  • Cboe Bitcoin U.S. ETF Index Options (AM Standard) [Symbol: CBTX]
  • Cboe Bitcoin U.S. ETF Index Options (PM End-of-Month) [Symbol: CBTXW]
  • Cboe Mini Bitcoin U.S. ETF Index Options (AM Standard) [Symbol: MBTX]
  • Cboe Mini Bitcoin U.S. ETF Index Options (PM End-of-Month) [Symbol: MBTXW]

Products will be configured as follows:

  • The on-floor location for open outcry trading will be Post 8, Station 1.
  • The tick size is in index points where one point equals $100.
  • The tick increment for single-leg orders, quotes, and trades will be $0.05 under $3 and $0.10 above $3.
  • The tick increment for complex orders and trades will be $0.01.
  • Electronic LMMs will be announced at a later date.

Trading Hours

Regular Trading Hours: Monday through Friday from 9:30 a.m. to 4:15 p.m. ET.

  • Trading for expiring CBTX and MBTX options will close at 4:15 p.m. ET the trading day (usually a Thursday) immediately preceding the expiration date.

  • Trading for expiring CBTXW and MBTXW options will close at 4:00 p.m. ET on the expiration date.

Settlement and Exercise

CBTX and MBTX options will be AM cash-settled contracts with European-style exercise having standard third Friday expiration dates. CBTXW and MBTXW options will be PM cash-settled contracts with European-style exercise having end-of-month expirations.

Generally, Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index options may be exercised only on the expiration date.

Settlement Tickers:

  • Cboe Bitcoin U.S. ETF Index Options (AM Standard) [Exercise Settlement Symbol: CBTXS]
  • Cboe Bitcoin U.S. ETF Index Options (PM End-of-Month) [Exercise Settlement Symbol: CBTX]
  • Cboe Mini Bitcoin U.S. ETF Index Options (AM Standard) [Exercise Settlement Symbol: MBTXS]
  • Cboe Mini Bitcoin U.S. ETF Index Options (PM End-of-Month) [Exercise Settlement Symbol: MBTX]

Settlement values will be disseminated over the Cboe Global Indices Feed CGI channel.

Expirations

  • Standard Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index options will expire on the third Friday of the expiration month. If the Exchange is not open on that Friday, they will expire on the immediately preceding business day.
  • End-of-month Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index options will expire monthly on the last business day of the calendar month. If the Exchange is not open on that day, they will expire on the immediately preceding business day.
  • FLEX will be available for both Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index options. The position limit for these FLEX options is 96,000 contracts.
  • Cboe will list the following standard and end-of-month expirations on the initial listing date.
Table 1. Initial Contract Listings
Standard Expirations (AM-Settled)End-of-Month Expirations (PM-Settled)
CBTX/MBTX OptionsCBTXW/MBTXW Options
December 20, 2024 December 31, 2024
January 17, 2025 January 31, 2025
February 21, 2025February 28, 2025

TESTING OPPORTUNITIES

Cboe Bitcoin U.S. ETF Index and Cboe Mini Bitcoin U.S. ETF Index options are currently available to test in the C1 certification environment.

ADDITIONAL INFORMATION

Resources

For more information, please refer to the following technical specifications:

Contact Information

Please contact the Cboe Trade Desk for support or with any questions.

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