The first regulated bitcoin settled futures are expected to be listed this July following a new filing with CFTC after close collaboration to satisfy their requirements. Kelly Loeffler of Bakkt said:
“In conjunction with our exchange and clearing partners at ICE, we’ll be working with our customers over the next several weeks to prepare for user acceptance testing (UAT) for futures and custody, which we expect to start in July…
Two futures contracts will be listed: 1) A daily settlement bitcoin future, which will enable customers to transact in a same-day market. And 2) a monthly bitcoin futures contract will enable trading in the front month and across the forward pricing curve…
Bakkt will contribute $35 million into the clearinghouse risk waterfall. This puts our own “skin in the game” and aligns our interests for market integrity and safety with market participants.
For physical delivery and secure storage of bitcoin, an integrated custody service will be fulfilled by Bakkt’s qualified custodian, subject to regulatory approval. Safekeeping will be supported by insurance, cybersecurity, and comprehensive compliance, including an anti-money-laundering program and blockchain analytics.”
A CFTC commissioner recently suggested they were open to greenlighting bitcoin settled futures under the self-certification program, with the new filing by ICE potentially suggesting they have been invited to go ahead.
These futures are very close to spot bitcoin trading with actual ownership as there is physical delivery.
That makes them the first of its kind and are planned to launch in now just two months.