CME Group, the world's leading derivatives marketplace, today announced that its Bitcoin Friday futures (BFF) have launched and are available for trading. 31,498 contracts traded across two different contract weeks. The first trade, a block, took place on Sunday, September 29 and was executed by Galaxy and Marex.
"With more than 31,000 contracts traded on day one, Bitcoin Friday futures have become our most successful crypto futures launch ever," said
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. "We are pleased to see such early customer interest and support for these new contracts, both on screen and through the block market. The smaller size of these contracts, along with a weekly Friday expiry, will provide investors with not only a more accessible way to access the bitcoin market, but will also allow them to more effectively manage their bitcoin exposure – all on a regulated exchange."
"The launch of CME Group's Bitcoin Friday futures is a significant step toward crypto adoption within a regulated framework. These weekly contracts offer efficient hedging by closely tracking the spot price and provide a cost-effective exposure to bitcoin," said
Harry Benchimol, Co-Head of Derivatives Engine at Marex. "By introducing a product closer to the very popular perpetuals on crypto platforms, CME Group is closing the gap between traditional financial and crypto markets. Marex is proud to have executed the first block trade, reinforcing our commitment to improving liquidity and driving innovation in the crypto market."
"The launch of Bitcoin Friday futures by CME Group represents a significant advancement in the broadening of crypto derivatives markets, offering investors a flexible and efficient way to manage their bitcoin exposure," said
Michael Harvey, Head of Franchise Trading at Galaxy. "These weekly contracts closely track spot prices, providing a valuable tool for growing liquidity and optimizing trading strategies for traders of all types and sizes. As we continue to bridge the gap between traditional finance and the digital asset space, initiatives like this reinforce our commitment to empowering clients with the best solutions to manage their bitcoin exposure in a transparent market."
Bitcoin Friday futures are sized at one-fiftieth of one bitcoin and cash-settled to the CME CF Bitcoin Reference Rate New York Variant (BRRNY) at 4:00 p.m. New York time every Friday. A new BFF contract is listed every Thursday at 6:00 p.m. New York time for a Friday trade date, with market participants able to trade the nearest two Fridays at any given point.
For more information on these products, please visit www.cmegroup.com/bff.
