The Chicago Board Options Exchange (Cboe) Global Markets, one of the world’s largest derivatives exchanges, is making a strategic move to reestablish its presence in the cryptocurrency market. After several unsuccessful attempts in recent years, Cboe is preparing to launch new crypto-based products amid rising institutional and retail demand for digital asset exposure.
This renewed effort underscores a growing trend: traditional financial institutions are increasingly embracing blockchain and crypto innovation. With demand surging since 2020 — driven by high-profile endorsements from figures like Elon Musk, Jack Dorsey, and Michael Saylor — Cboe sees a clear opportunity to reenter the space with stronger infrastructure and better-timed offerings.
A History of Crypto Ambitions
Cboe was actually the first U.S. exchange to launch Bitcoin futures back in December 2017. However, low trading volume and limited market adoption led to the discontinuation of those contracts by June 2019. Despite this setback, the exchange has not abandoned its vision for a crypto-integrated future.
Unlike its rival, the Chicago Mercantile Exchange (CME), which now leads in Bitcoin and Ethereum futures trading, Cboe’s initial foray into crypto derivatives didn’t gain traction. Yet, leadership remains confident. CEO Ed Tilly emphasized:
“We’re still interested in this space. We haven’t walked away. We’re eager to build out the full platform. There’s significant demand from both retail and institutional investors — we need to be part of this market.”
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Renewed Regulatory Efforts and ETF Hopes
In September 2019, Cboe withdrew a proposal submitted through its BZX Exchange to list and trade shares of the VanEck SolidX Bitcoin Trust — a key step toward launching a spot Bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) had expressed concerns over market manipulation and investor protection.
However, in early 2021, Cboe resubmitted its application, signaling a persistent commitment to bringing regulated crypto investment products to market. Tilly voiced optimism: “We very much hope the VanEck ETF gets approved.” Such approval could open the floodgates for broader institutional participation and set a precedent for other exchange-traded crypto products.
Expanding Into Crypto Data and Analytics
Beyond trading and ETFs, Cboe has already begun establishing a foothold in the crypto ecosystem through data services. In December 2020, it partnered with CoinRoutes, a New York-based crypto trading technology provider specializing in algorithmic execution tools for digital assets, foreign exchange, and derivatives.
Through this collaboration, Cboe gained access to CoinRoutes’ proprietary RealPrice™ dataset — a patent-pending solution that aggregates the best bid and offer prices across all major cryptocurrency exchanges. This real-time pricing index enhances transparency and helps mitigate price discrepancies across fragmented markets.
By Q1 2025, Cboe plans to deliver curated RealPrice data via its CSMI cryptocurrency market data feed. This initiative marks Cboe’s official entry into the crypto data business — a critical building block for developing reliable indices, benchmarks, and eventually new financial products.
“Our goal is to create tools that demystify crypto for new investors,” said a spokesperson. “By improving data quality and accessibility, we can help onboard more participants with confidence.”
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Why Now? The Institutional Demand Surge
Since late 2020, institutional interest in digital assets has skyrocketed. Companies like Tesla, Square, and MicroStrategy have allocated substantial portions of their treasury reserves to Bitcoin, treating it as a long-term store of value.
This shift has created demand for regulated, secure, and transparent financial instruments tied to cryptocurrencies. Futures contracts, exchange-traded funds (ETFs), and data-backed indices are now seen not just as speculative tools but as essential components of diversified portfolios.
Cboe’s dual strategy — combining regulatory advocacy with data innovation — positions it well to meet this demand. While past failures serve as cautionary tales, they also provide valuable lessons about timing, market readiness, and product design.
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Frequently Asked Questions (FAQ)
Q: Why did Cboe stop offering Bitcoin futures in 2019?
A: Low trading volume and lack of sustained market interest led Cboe to discontinue its Bitcoin futures contracts in June 2019. Despite being first to market, the product failed to attract enough liquidity compared to later offerings by CME.
Q: Is Cboe planning to relaunch Bitcoin futures?
A: While no official relaunch date has been confirmed, Cboe has expressed strong interest in rebuilding its crypto derivatives platform. Its partnership with CoinRoutes and renewed ETF support suggest active development in this direction.
Q: What is RealPrice™ and why does it matter?
A: RealPrice™ is a proprietary pricing index developed by CoinRoutes that aggregates real-time bid/ask data from top crypto exchanges. It provides a more accurate and transparent benchmark for valuing digital assets — crucial for institutional-grade trading and product development.
Q: How does Cboe’s approach differ from CME’s?
A: While both are major derivatives exchanges, CME succeeded where Cboe initially failed by launching robust Bitcoin and Ethereum futures with strong institutional backing. Cboe is now focusing on data infrastructure and ETF advocacy to rebuild credibility and market relevance.
Q: When might the VanEck Bitcoin ETF be approved?
A: As of 2025, the SEC continues to review the proposal. Approval timelines remain uncertain due to ongoing regulatory scrutiny around custody, liquidity, and fraud prevention in crypto markets.
Q: Can individual investors access Cboe’s crypto data products?
A: Currently, Cboe’s RealPrice data is distributed through its CSMI feed primarily to institutional clients and data vendors. Broader retail access may come as part of future product expansions.
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Looking Ahead: Building Trust Through Infrastructure
Cboe’s comeback strategy hinges on patience, precision, and partnerships. Rather than rushing into another speculative product launch, the exchange is laying foundational work in data transparency and regulatory cooperation.
This measured approach aligns with broader industry maturation — where credibility, compliance, and clarity matter more than speed to market. If successful, Cboe could reclaim a leadership role not just in derivatives trading, but in shaping how traditional finance understands and adopts digital assets.
As the line between conventional markets and blockchain-based finance continues to blur, initiatives like Cboe’s RealPrice integration and ETF advocacy represent critical steps toward mainstream acceptance.
For investors, traders, and institutions alike, the return of a seasoned player like Cboe could mean greater stability, improved pricing accuracy, and more accessible pathways into the evolving world of cryptocurrency.