CME Group to list bitcoin volatility futures under ticker BVI

CME Group plans to list cash-settled bitcoin volatility futures on June 1, pending regulatory approval. The contracts are expected to trade under the ticker BVI and will settle to the CME CF Bitcoin Volatility Index (BVX) with a contract multiplier of $500 × BVX, allowing traders to take positions on expected bitcoin volatility without taking a directional bet on price.

The BVX is a real-time, 30-day implied volatility measure calculated from CME’s CFTC-regulated Bitcoin and Bitcoin Micro options order books. CME publishes BVX every second between 7 a.m. and 4 p.m. Chicago time, providing a frequent, transparent reference for settlement and trading.

Each futures contract will be cash-settled to the BVX value at expiration. With the $500 multiplier, a one-point move in BVX corresponds to $500 in contract value at settlement. The exchange described the contracts as a tool to hedge or gain direct exposure to volatility as a separate risk factor from bitcoin’s price.

Volatility futures already exist for traditional commodities such as oil, corn and gold. Crypto-native platforms offer similar products that let traders trade expected crypto volatility; market participants use these contracts to speculate on large swings or to protect portfolios from sudden changes in price behavior.

Giovanni Vicioso, CME’s Global Head of Cryptocurrency Products, commented: “Crypto market participants are seeking regulated products that provide opportunities to gain digital assets exposure when markets move. With our new Bitcoin volatility futures, traders will be able to invest or hedge against the future volatility of bitcoin, allowing them to access a critical new layer of risk management.”

Sui Chung, CEO of CF Benchmarks, added: “With the launch of these CFTC-regulated futures contracts, we anticipate a similar flourishing of regulated financial products that will enable investors to more precisely harness the unique characteristics of bitcoin and express views on forward-looking sentiment and manage risks that have, until now, been difficult to implement.”

CME and CF Benchmarks launched the rebranded CME CF Bitcoin Volatility Indices after CF Benchmarks introduced BVX as a non-tradable benchmark in 2024. The listing remains subject to regulatory approval before trading can begin on June 1.