CME Group plans to launch bitcoin spot trading: FT
Quick Take
- The Chicago Mercantile Exchange (CME) Group is considering launching bitcoin spot trading, according to a report.
- Discussions have been ongoing with traders, though the plan for spot trading rollout has not been finalized.
The Chicago Mercantile Exchange (CME) Group is planning to launch bitcoin spot trading in addition to its existing futures product, according to the Financial Times, which cited sources familiar with the matter.
The group has reportedly been conducting discussions with traders who prefer dealing with cryptocurrencies on a regulated platform. The plan has not been finalized, according to the report.
The launch of bitcoin’s spot trading on CME would allow traders to profit from so-called basis trades — where they would gain by exploiting the difference between futures prices and the underlying asset’s spot price — added the FT report. CME Group owns the world’s largest futures exchange and already supports bitcoin futures trading.
If launched as reportedly planned, CME would become another channel for Wall Street players to gain greater access to digital assets, in addition to the 11 spot bitcoin exchange-traded funds approved in the U.S. in January.
In spot trading, the asset being traded is exchanged as soon as possible, typically on the spot date. For bitcoin, this involves directly swapping it for fiat or another crypto at given market prices, with immediate asset transfer. Bitcoin spot trading is offered by most crypto exchanges such as Coinbase and Binance.
Spot bitcoin exchange-traded funds have been evaluated as more successful than initially expected, bringing in $12.15 billion worth of net inflows since their January debut. Their approval by the U.S. Securities and Exchange Commission contributed to bitcoin’s value reaching a new high of over $73,000 in March.
Bitcoin’s price has risen 6.72% in the past 24 hours to $65,995 at the time of publication.
CME Group declined to comment on the matter.
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