CME Group announced plans to launch cash-settled Bitcoin volatility futures on June 1, pending regulatory approval, in a move that adds a new risk-management tool for institutional and retail traders. The new contracts, listed under the ticker BVI, will allow market participants to trade and hedge against Bitcoin’s expected price swings without taking a directional bet on the cryptocurrency itself.
CME’s Global Head of Cryptocurrency Products, Giovanni Vicioso, stated: “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.” The contracts will settle to the CME CF Bitcoin Volatility Index (BVX), a real-time 30-day implied volatility gauge derived from CME’s CFTC-regulated Bitcoin and Bitcoin Micro options order books. The index is published every second between 7 a.m. and 4 p.m. Chicago time, ensuring a transparent and responsive underlying.
Each future will have a multiplier of $500 times the BVX index value, making the product accessible to a broad range of traders. The launch follows a rebranding of the index in December 2024 through a partnership between CME and CF Benchmarks. CF Benchmarks CEO Sui Chung noted: “The launch of Bitcoin Volatility futures contracts by CME Group marks another major step forward in the maturation of bitcoin as an asset suitable for investors of all stripes.”
While similar volatility products already exist on crypto-native platforms like Deribit’s BTCDVOL futures, CME’s offering brings the instrument under traditional regulatory oversight. The announcement also aligns with growing institutional interest; in March 2025, CoinShares filed for Wall Street’s first Bitcoin volatility ETFs, which would track the same BVX benchmark.
CME’s expansion into 24/7 crypto trading on May 29—just days before the volatility futures debut—underscores the exchange’s push to meet demand for always-on digital asset markets. At the time of the announcement, Bitcoin was trading above $81,000, rebounding from a spring dip near $60,000 after peaking above $126,000 in October 2025.
