Cboe to Launch 10-Year Bitcoin Futures in US: A Game-Changer for Institutional Adoption

Cboe just dropped a bombshell—10-year Bitcoin futures are coming stateside, marking the longest-dated crypto derivative ever offered to US investors.

Why This Matters for Wall Street

Institutions finally get the long-term hedging tool they've craved—no more rolling short-dated contracts every quarter. This isn't just another futures product; it's a maturity leap that legitimizes crypto as an asset class for pensions, endowments, and corporate treasuries.

The Regulatory Tightrope

Cboe's move signals confidence in regulatory clarity—or at least a calculated bet that Washington won't kill the golden goose. They're banking on institutional demand outweighing political risk.

Market Impact: Beyond Speculation

Ten-year contracts shift focus from speculative trading to strategic allocation. Expect volatility smoothing and—dare we say—actual Bitcoin price discovery based on long-term value, not Elon Musk tweets.

The Cynical Take

Because nothing says 'mature market' like letting pension funds gamble on internet money with decade-long leverage—what could possibly go wrong?

Key features of the new futures

Unlike traditional futures, which require regular rolling at expiry, Cboe’s continuous futures for Bitcoin will function similarly to perpetual contracts, which are widely used on offshore and DeFi platforms.

These contracts will be cash-settled and aligned to the spot price of bitcoin using transparent funding mechanisms.

Catherine Clay, global head of derivatives at Cboe, explained:

“Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our US-regulated futures exchange.”

Market context and adoption

Currently, perpetual contracts account for 68% of all Bitcoin trading volume, according to Kaiko research.

The open interest in crypto perpetuals has reached $876 billion, highlighting the strong demand for these products in the market.

Expansion of bitcoin derivatives in the US

This move marks Cboe’s return to expanding its bitcoin derivatives offerings since it first launched Bitcoin futures in 2017.

While US regulators had previously blocked such products, regulatory attitudes have shifted, opening the door for new derivatives on regulated exchanges.

Other exchanges, such as Bitnomial and Coinbase, have also begun offering perpetual bitcoin futures to US traders in 2025.

The introduction of these products by major regulated venues signals growing institutional acceptance of bitcoin derivatives.