Cboe Unleashes Bitcoin Options with Wild Expiration Dates
Published Date: 3/5/2025
Notice
Summary
Cboe Exchange wants to add new P.M.-settled options for the Cboe Bitcoin U.S. ETF Index and its Mini version, letting traders pick from regular third Friday expirations, special nonstandard dates, and quarterly expirations. This change gives investors more flexibility and fresh ways to trade Bitcoin-related options starting soon. If you trade these ETFs, get ready for more choices and potentially smarter moves in your portfolio!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
More P.M.-Settled Bitcoin ETF Options
Cboe proposes to allow P.M.-settled options on the Cboe Bitcoin U.S. ETF Index (CBTX) and the Mini-Cboe Bitcoin U.S. ETF Index (MBTX) with new Weekly expirations (any Monday–Friday other than the third Friday or EOM), end-of-month (EOM) expirations, and P.M.-settled quarterly index expirations (QIXs). QIXs may have up to eight near-term quarterly expirations open for trading, and new Weekly and EOM series may be added up to and including their expiration date.
Shorter Last-Day Trading Window
On the last trading day for expiring P.M.-settled CBTX and MBTX options, regular trading hours will be 9:30 a.m. to 4:00 p.m. Eastern Time (instead of the 9:30 a.m. to 4:15 p.m. hours used for non-expiring series). The Exchange states this prevents trading past the time the settlement index value is calculated.
Positions Aggregated for Limits
Positions in Nonstandard Expiration Program series of CBTX and MBTX options will be aggregated with positions in other CBTX or MBTX option series for purposes of position and exercise limits. The Exchange says existing position and exercise limits will continue to apply.
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