芝加哥期权交易所将推出比特币和以太币保证金期货期权产品

Cboe 计划从 12 月 2 日星期一开始推出首个与现货比特币价格相关的现金结算指数期权。这些期权将受到 SEC 监管，并基于新的 Cboe 比特币美国 ETF 指数（股票代码：CBTX），该指数是市场的第一个美国现货比特币 ETF 指数：修改后的市值加权指数，旨在跟踪在美国上市的一篮子现货比特币 ETF 的表现。

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

芝加哥期权交易所将推出与现货比特币价格挂钩的现金结算指数期权

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.

全球市场基础设施和交易服务领先提供商 Cboe Global Markets, Inc.（Cboe：CBOE）今天宣布，计划从 12 月 2 日星期一开始推出首个与现货比特币价格相关的现金结算指数期权。

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.

这些期权将受到 SEC 监管，并基于新的 Cboe 比特币美国 ETF 指数（股票代码：CBTX），这是市场上第一个美国现货比特币 ETF 指数：一个修改后的市值加权指数，旨在跟踪一篮子现货比特币的表现在美国上市的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 比特币美国 ETF 指数也旨在与现货比特币的价格相关联，使其成为衡量数字资产的代表性指标。

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.

这些新的 Cboe 比特币美国 ETF 指数期权将通过透明且高效的金融工具，为市场参与者提供现货比特币 ETF 的投资机会，并间接投资比特币本身。这些选项使参与者能够利用价格变动、管理风险并表达他们的市场观点。

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.

这些合约以现金结算，到期时以现金平仓，避免了实物交付比特币 ETF 的复杂性。它们还具有欧式行权的特点，这意味着它们只能在到期日行权，从而降低了提前转让的风险。

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 还将在推出时推出 Cboe 迷你比特币美国 ETF 指数期权（股票代码：MBTX）。这些迷你合约的名义价值仅为标准期权的 1/10，旨在为管理基差风险提供更大的粒度和灵活性，并适合不同规模的投资组合。

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，芝加哥期权交易所还计划在标准指数和迷你指数上提供现金结算的 FLEX 期权。 FLEX 期权允许交易者自定义行权价格、风格和到期日等条款，有可能实现比标准期权合约允许的更大的头寸。

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.

这套新的期权进一步扩大了 Cboe 的数字资产衍生品产品，其中已经包括在 Cboe 数字交易所上市和交易的现金结算的比特币和以太保证金期货，预计将在 2025 年上半年过渡到 Cboe 期货交易所，等待监管审查。

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 股票交易所是现货美国加密 ETF 的领先场所，列出了可在美国交易的现货比特币 ETF 和现货以太 ETF 的大部分市场份额

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 产品创新全球主管 Rob Hocking 在评论此次发布时表示：“我们针对 Cboe 比特币美国 ETF 指数的新期权套件为交易者提供了及时且令人信服的解决方案，帮助他们有效地获得现货比特币。我们预计现金结算的独特优势，加上各种指数规模和 FLEX 期权的可用性，将为客户的交易策略提供更大的灵活性。我们的指数期权提供了独特的价值主张，我们相信这将吸引机构参与者和散户交易者，他们希望在不直接持有数字资产的情况下利用或对冲比特币的价格变动。”

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.”

芝加哥期权交易所数据和访问解决方案全球主管 Adam Inzirillo 表示：“这一最新举措展示了芝加哥期权交易所交易所生态系统的实力——从在我们的美国股票交易所上市和交易现货比特币 ETF，到生成推动指数创建的数据，现在推出创新的可交易产品，例如 Cboe 比特币美国 ETF 指数期权。我们能够充分利用我们平台的全部功能，不断将新的解决方案推向市场，这是芝加哥期权交易所的一个关键差异化因素，也是我们客户的主要利益。”