What to know:

• CME Group announced it will launch options on Bitcoin Friday futures pending regulatory approval.
• These new contracts will be financially settled and expire every day of the business week, Monday to Friday.

Chicago Mercantile Exchange Group is set to introduce options on Bitcoin Friday Futures starting on February 24, pending regulatory approval.

According to a press release, BFF was CME Group’s most successful cryptocurrency launch, with over 775,000 contracts traded since its inception on September 29. The average daily volume is reported at 9,700 contracts, including 44% traded during non-U.S. hours, racking up $1.63 billion in volume since its launch.

These financially settled contracts aim to provide traders with enhanced risk management tools, expiring every day from Monday through Friday. Giovanni Vicioso stated, “We are pleased to offer these new options that provide traders with even greater precision to manage short-term bitcoin price risk, building on the success of our Bitcoin Friday futures. The smaller size of these contracts, along with daily expiries, offer market participants a capital-efficient toolset to effectively adjust their bitcoin exposure.”