CBOE Digital, the Crypto arm from the Chicago Board of Options Exchange, hopes to roll a new Bitcoin (BTC) Futures product later this month, if approved by regulators, Exchange said Monday.

The new trading vehicle, in partnership with FTSE Russell, will be cash-filled and based on the XBTF index representing the 1/10 value of the FTSE Bitcoin index. It will settle on the last working day of each month.

If regulators approve CBOE’s application, Futures would start shopping on April 28, it says.

Futures is a type of derivative where the buyer and the seller agree to trade an asset at a fixed price and date in the future. They are a popular vehicle to uncover and control risk and exploit trends and market behavior.

“This launch comes at a central time as the demand for crypto exposure continues to grow, and market participants are increasingly seeking more capital -efficient and versatile ways to get and managing this exposure,” Catherine Clay, global leader of derivatives at CBOE, said in a statement.

In November 2023, CBOE became the first US regulated exchange to offer both spot and geared derivatives trading on a single platform after receiving the approval of CFTC to list marginated Bitcoin and Ether (Eth) futures.