CME Sees First Trades on New Bitcoin Contracts

CME Group says its new financially settled options on Bitcoin Friday futures are now trading, with the first trade, a block, taking place on Sunday, February 23. The trade was executed between Cumberland DRW and Galaxy and cleared by Marex.

Everybody involved is predictably thrilled or pleased, but Roman Makarov, head of options trading at Cumberland DRW, also says, “Innovative products like this give users increased liquidity, flexibility and optionality to engage in the rapidly expanding intersection between traditional and crypto markets. It’s exciting to see trusted exchanges like CME Group continue to support this ecosystem through relevant product launches, and Cumberland DRW is proud to be a longstanding partner in that journey.”

Brooks Dudley, head of digital assets sales at Marex Capital Markets, adds, “These contracts will sharpen visibility into short-term volatility, empowering traders with a precise risk management tool. It’s a proud milestone in our mission to deliver cutting-edge, secure clearing solutions to the institutional digital asset market.”

Noting that the new contracts are a “valuable expansion of CME’s product suite, Mike Harvey, head of franchise trading at Galaxy, says, “The contracts’ low notional value makes them accessible to a broad range of market participants, while the 4 pm New York settlement time offers added precision for developing and executing trading strategies.”