CME to Launch Bitcoin Volatility Futures on June 1

CME Group plans to begin trading cash-settled Bitcoin volatility futures on June 1, pending regulatory approval. The contracts will reference the CME CF Bitcoin Volatility Index, known as BVX, and will trade under the ticker BVI.

The futures measure implied 30-day volatility in Bitcoin prices and will settle in cash. Each contract will be priced at $500 multiplied by the BVX index value and will cash-settle to the BVX index.

The BVX is a forward-looking benchmark derived from live Bitcoin options data. CF Benchmarks calculates the index from options activity every second during CME trading hours, defined as 7:00 a.m. to 4:00 p.m. Central Time.

The BVX launched as a non-tradable benchmark in April 2024. A December 2025 version of the index was developed specifically to serve as the settlement reference for the tradable futures contracts now being introduced.

The contracts are intended for professional and institutional traders who want to hedge or take exposure to volatility itself rather than Bitcoin’s price direction. Buyers of the futures gain exposure to larger-than-normal price swings; sellers take the view that price swings will be relatively small.

CME described the product as letting traders “isolate volatility risk from price direction.” Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, stated the futures provide a new layer of risk management for traders.

Similar volatility products exist on crypto-native venues, but those platforms operate largely outside CFTC oversight. CFTC regulation of the CME contracts makes them available to pension funds, university endowments and bank trading desks that often cannot use unregulated venues.

The launch follows earlier CME crypto listings. The exchange first listed Bitcoin futures in December 2017 and later added options. CME reported Bitcoin options contracts now trade at nearly $46 billion. Earlier in 2026 the exchange listed regulated futures on Cardano, Chainlink and Stellar.

In its Q1 2026 results, CME reported earnings per share of $3.36 and revenue of $1.9 billion, both above analyst expectations.

David Schlageter, Managing Director and Head of Derivatives Sales at Morgan Stanley, called the contracts an important tool for market participants to better manage portfolio risk by directly trading volatility. Sui Chung, CEO of CF Benchmarks, noted the BVX extends existing benchmark infrastructure into forward-looking volatility and could support further regulated products tied to Bitcoin volatility.