芝加哥選擇權交易所將推出比特幣和以太幣保證金期貨選擇權產品

Cboe 計劃從12 月2 日星期一開始推出首個與現貨比特幣價格相關的現金結算指數選擇權。指數是市場的第一個美國現貨比特幣 ETF 指數：修改後的市值加權指數，旨在追蹤在美國上市的一籃現貨比特幣 ETF 的表現。

Cboe to Launch Cash-Settled Index Options Linked to Spot Bitcoin Price

芝加哥選擇權交易所將推出與現貨比特幣價格掛鉤的現金結算指數選擇權

Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and exchange services, today announced plans to launch the first cash-settled index options related to the price of spot Bitcoin beginning Monday, December 2.

全球市場基礎設施​​和交易服務領先供應商 Cboe Global Markets, Inc.（Cboe：CBOE）今天宣布，計劃從 12 月 2 日星期一開始推出首個與現貨比特幣價格相關的現金結算指數選擇權。

These options will be SEC-regulated and based on the new Cboe Bitcoin U.S. ETF Index (Ticker: CBTX), the market’s first U.S. spot Bitcoin ETF index: a modified market cap-weighted index designed to track the performance of a basket of spot Bitcoin ETFs listed in the United States.

這些選擇權將受到SEC 監管，並基於新的Cboe 比特幣美國ETF 指數（股票代碼：CBTX），這是市場上第一個美國現貨比特幣ETF 指數：一個修改後的市值加權指數，旨在追蹤一籃子現貨比特幣的表現在美國上市的ETF。

Cboe Bitcoin U.S. ETF Index is also designed to correlate to the price of spot Bitcoin, making it a representative measure of the digital asset.

Cboe 比特幣美國 ETF 指數也旨在與現貨比特幣的價格相關聯，使其成為衡量數位資產的代表性指標。

These new Cboe Bitcoin U.S. ETF Index options will provide market participants with exposure to spot Bitcoin ETFs – and indirectly to Bitcoin itself – through a transparent and efficient financial instrument. These options enable participants to capitalize on price movements, manage risk, and express their market views.

這些新的 Cboe 比特幣美國 ETF 指數選擇權將透過透明且高效的金融工具，為市場參與者提供現貨比特幣 ETF 的投資機會，並間接投資比特幣本身。這些選項使參與者能夠利用價格變動、管理風險並表達他們的市場觀點。

The contracts are cash-settled, with positions closed in cash at expiration, avoiding the complexities of physically delivering Bitcoin ETFs. They also feature European-style exercise, meaning they can only be exercised on the expiration date, reducing early assignment risks.

這些合約以現金結算，到期時以現金平倉，避免了實體交付比特幣 ETF 的複雜性。它們還具有歐式行權的特點，這意味著它們只能在到期日行權，從而降低了提前轉讓的風險。

Cboe will also introduce Cboe Mini Bitcoin U.S. ETF Index options (Ticker: MBTX) at launch. With a notional value 1/10th of the standard options, these mini contracts are designed to provide more granularity and flexibility in managing basis risk and suit portfolios of different sizes.

Cboe 也將在推出時推出 Cboe 迷你比特幣美國 ETF 指數選擇權（股票代碼：MBTX）。這些迷你合約的名義價值僅為標準選擇權的 1/10，旨在為管理基差風險提供更大的粒度和靈活性，並適合不同規模的投資組合。

Additionally, Cboe plans to offer cash-settled FLEX options on both the standard and mini indexes. FLEX options allow traders to customize terms like exercise price, style, and expiration date, potentially enabling larger positions than standard options contracts allow.

此外，芝加哥選擇權交易所還計劃在標準指數和迷你指數上提供現金結算的 FLEX 選擇權。 FLEX 選擇權允許交易者自訂行權價格、風格和到期日等條款，有可能實現比標準選擇權合約允許的更大的部位。

This new suite of options further expands Cboe’s digital assets derivatives offerings, which already includes cash-settled Bitcoin and Ether margin futures listed and traded on Cboe Digital Exchange that are expected to transition to Cboe Futures Exchange in the first half of 2025, pending regulatory review.

這套新的選擇權進一步擴大了Cboe 的數位資產衍生品產品，其中已經包括在Cboe 數位交易所上市和交易的現金結算的比特幣和以太保證金期貨，預計將在2025 年上半年過渡到Cboe 期貨交易所，等待監管審查。

Moreover, Cboe’s BZX Equities Exchange is a leading venue for spot U.S. crypto ETFs, listing the majority market share of spot Bitcoin ETFs and spot Ether ETFs available for trading in the U.S.

此外，Cboe 的 BZX 股票交易所是現貨美國加密 ETF 的領先場所，列出了可在美國交易的現貨比特幣 ETF 和現貨以太 ETF 的大部分市場份額

Commenting on the launch, Rob Hocking, Global Head of Product Innovation at Cboe, said: “Our new suite of options on the Cboe Bitcoin U.S. ETF Index offers a timely and compelling solution for traders to efficiently gain exposure to spot Bitcoin. We expect the unique benefits of cash settlement, combined with the availability of various index sizes and FLEX options, will give customers more flexibility in their trading strategies. Our index options offer a unique value proposition that we believe will appeal to both institutional participants and retail traders alike, who are looking to capitalize on or hedge against Bitcoin’s price movements without directly holding the digital asset.”

Cboe 產品創新全球主管Rob Hocking 在評論此次發佈時表示：「我們針對Cboe 比特幣美國ETF 指數的新選擇套件為交易者提供了及時且令人信服的解決方案，幫助他們有效地獲得現貨比特幣。我們預期現金結算的獨特優勢，加上各種指數規模和 FLEX 選擇權的可用性，將為客戶的交易策略提供更大的靈活性。我們的指數選擇權提供了獨特的價值主張，我們相信這將吸引機構參與者和散戶交易者，他們希望在不直接持有數位資產的情況下利用或對沖比特幣的價格變動。

Adam Inzirillo, Global Head of Data and Access Solutions at Cboe, said: “This latest initiative showcases the strength of Cboe’s exchange ecosystem – from listing and trading spot Bitcoin ETFs on our U.S. equities exchange, to generating data that drives index creation, and now launching innovative tradable products like Cboe Bitcoin U.S. ETF Index Options. Our ability to leverage the full breadth of our platform to continually bring new solutions to market is a key differentiator for Cboe and a major benefit to our customers.”

芝加哥選擇權交易所數據和存取解決方案全球主管Adam Inzirillo 表示：「這項最新舉措展示了芝加哥選擇權交易所交易所生態系統的實力——從在我們的美國股票交易所上市和交易現貨比特幣ETF，到產生推動指數創建的數據，現在推出創新的可交易產品，例如 Cboe 比特幣美國 ETF 指數選擇權。我們能夠充分利用我們平台的全部功能，不斷將新的解決方案推向市場，這是芝加哥期權交易所的一個關鍵差異化因素，也是我們客戶的主要利益。