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Cboe Bitcoin U.S. ETF Index Options

FLEX Your Bitcoin Strategy

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.

Learn more about Bitcoin Index Options from Mandy Xu from her recent Volatility Insights piece and webinar

Harnessing Bitcoin Volatility with MBTX and CBTX Options

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.

Bitcoin ETF Options FAQs with Natalie Reed

Product Comparison

Description Cboe Bitcoin U.S. ETF Index Options Cboe Mini Bitcoin U.S. ETF Index Options
Options Chain CBTX CBTX MBTX MBTX
Root Ticker CBTX CBTXW MBTX MBTXW
AM or PM Settlement AM PM AM PM
Settlement Date*** 3rd Friday Last Trading Day of Month 3rd Friday Last Trading Day of Month
Settlement Value Ticker CBTXS CBTX MBTXS MBTX
Approximate Notional Size (if Cboe Bitcoin U.S. ETF Index level is 2000) $200,000 $200,000 $20,000 $20,000
Settlement Type Cash
Exercise Style European
FLEX Available Yes

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

Symbol Constituent CUSIP Country Weight(%)
IBIT iShares Bitcoin Trust ETF 46438F101 USA 9.10
GBTC Grayscale Bitcoin Trust 389637109 USA 9.09
BTC Grayscale Bitcoin Mini Trust ETF 389930207 USA 9.09
FBTC Fidelity Wise Origin Bitcoin Fund 315948109 USA 9.09
BITB Bitwise Bitcoin ETF Trust 09174C104 USA 9.09
ARKB ARK 21Shares Bitcoin ETF 040919102 USA 9.09
HODL VanEck Bitcoin Trust 92189K105 USA 9.10
BRRR Coinshare Valkyrie Bitcoin Fund 91916J100 USA 9.09
BTCO Invesco Galaxy Bitcoin ETF 46091J101 USA 9.08
EZBC Franklin Bitcoin ETF 354921108 USA 9.09
BTCW WisdomTree Bitcoin Fund 97720F101 USA 9.09

Data as of May 1, 2025

Vendor Trading Symbols

Cboe Bitcoin U.S. ETF Index Options
Settlement Bloomberg Ice Data LiveVol Silexx
AM CBTX O:CBTX CBTX CBTX
PM CBTXW O:CBTX CBTXW CBTW
Cboe Mini Bitcoin U.S. ETF Index Options
Settlement Bloomberg Ice Data LiveVol Silexx
AM MBTX O:MBTX MBTX MBTX
PM MBTXW O:MBTX MBTXW MBTXW
View all vendor symbols

Educational Resources from The Options Institute

Cboe Bitcoin U.S. ETF Index Options

Crypto ETFs and Indices

Resources

Questions? Contact a Product Expert