CHICAGO and BOCA RATON, Florida — March 9, 2026
Executive Summary
Cboe Global Markets, Inc. (Cboe: CBOE) has announced plans to launch the Cboe IBIT Volatility Index (Ticker: BITVX), a new index designed to measure the market’s expectation of 30-day forward-looking volatility in the bitcoin market. The index is scheduled to launch on March 23, 2026 and will be based on options tied to the iShares Bitcoin Trust ETF (IBIT).
According to Cboe, the BITVX Index will apply the company’s proprietary VIX® Index methodology, which derives expected volatility from options prices rather than historical returns. The index will be calculated and administered by Cboe Global Indices and will use pricing data from options on the iShares Bitcoin Trust ETF, one of the most actively traded U.S. options linked to digital assets.
The planned launch expands Cboe’s suite of volatility indices into the digital asset market and introduces a benchmark designed to reflect expected volatility in bitcoin based on ETF options activity.
Announcement Overview
Cboe Global Markets, Inc. announced plans to introduce the Cboe IBIT Volatility Index (BITVX) as a new addition to its volatility index suite. The index is designed to provide a measure of expected 30-day forward-looking volatility in the bitcoin market using options on the iShares Bitcoin Trust ETF (IBIT).
The index is scheduled to launch on Monday, March 23, 2026. Once launched, it will be calculated and administered by Cboe Global Indices, the company’s index provider responsible for the development and operation of Cboe’s index products.
BITVX will use Cboe’s established VIX Index methodology, which determines expected market volatility based on option prices rather than relying on historical return data. This approach aggregates information from a range of options contracts to derive a model-free measure of implied volatility.
According to Cboe, the methodology behind the new index follows the same framework used by the VIX Index, which measures expected volatility for the U.S. equity market using options on the S&P 500 Index (SPX).
The introduction of BITVX represents an expansion of Cboe’s volatility index offerings into the digital asset segment, utilizing options linked to bitcoin through the iShares Bitcoin Trust ETF.
Key Announcement Details
- Announcement Type: Launch of a new volatility index
- Announcing Organization: Cboe Global Markets, Inc.
- Company Ticker: Cboe: CBOE
- Index Name: Cboe IBIT Volatility Index
- Index Ticker Symbol: BITVX
- Planned Launch Date: Monday, March 23, 2026
- Announcement Date: March 9, 2026
- Announcement Locations: Chicago, Illinois and Boca Raton, Florida
- Index Administrator: Cboe Global Indices
- Index Methodology: Cboe VIX® Index methodology
- Index Design Purpose: Measure the market’s expectation of 30-day forward-looking volatility for the bitcoin market
- Volatility Measurement Basis: Derived from options prices rather than historical returns
- Underlying Instrument: Options on the iShares Bitcoin Trust ETF
- Underlying ETF Name: iShares Bitcoin Trust ETF
- Underlying ETF Ticker: IBIT
- Options Market Context: IBIT options described as one of the most actively traded U.S. options tied to digital assets
- Volatility Measurement Horizon: 30-day forward-looking period
- Calculation Inputs: Options prices from IBIT options
- Option Strike Coverage: Broad range of out-of-the-money option strikes
- Calculation Framework: Model-free implied volatility measure
- Expiration Structure Used: Weekly Friday expirations of IBIT options
- Maturity Structure: Two option maturities used to bracket a constant 30-day target horizon
- Resulting Index Output: Market consensus expectation of near-term volatility implied by IBIT option prices
- Methodological Reference Index: Cboe Volatility Index (VIX®)
- VIX Underlying Options: S&P 500 Index (SPX) options
- VIX Description: Widely regarded as the world’s premier barometer of 30-day forward-looking volatility for the U.S. equity market
- Product Category: Volatility index
- Asset Class Expansion: Digital asset market
- Strategic Product Positioning: Expansion of Cboe’s volatility index suite across new asset classes
- Ecosystem Context: Bitcoin ETF options identified as a method for investors to access and manage bitcoin exposure
- Company Executive Statement Source: Rob Hocking
- Executive Title: Global Head of Derivatives at Cboe
- Index Benchmark Characteristics: Transparent and rules-based benchmark for expected volatility derived from IBIT options activity
- Investor Utility Mentioned: Tool to help investors analyze volatility expectations
- Risk Management Use Mentioned: Tool to help price risk in digital assets
- Hedging Use Mentioned: Tool to hedge risk in digital assets
- Index Information Access: Additional information about Cboe indices available on the Cboe website
- Organization Description: Cboe Global Markets operates a global derivatives and securities exchange network
- Industry Positioning: Described as the world’s leading derivatives and securities exchange network
- Historical Milestone: Launch of the world’s first listed options exchange in 1973
- Historical Product Innovation: Introduction of S&P 500® index options
- Historical Product Innovation: Creation of the VIX® Index
- Market Coverage: Cboe operates derivatives markets
- Market Coverage: Cboe operates equities markets
- Market Coverage: Cboe operates foreign exchange (FX) markets
- Service Capabilities: Provides trading solutions
- Service Capabilities: Provides clearing solutions
- Service Capabilities: Provides investment solutions
- Global Customer Base: Serves customers worldwide
Index Design and Methodology
The BITVX Index is designed to measure the market’s consensus expectation of volatility in the bitcoin market over a 30-day forward-looking period. According to Cboe, the index derives this measure from the prices of options listed on the iShares Bitcoin Trust ETF (IBIT).
The calculation methodology follows the structure used by the VIX Index, which measures expected volatility in the U.S. equity market. Under this framework, expected volatility is determined directly from options prices rather than historical market movements.
To produce the volatility estimate, the methodology aggregates data from a broad set of out-of-the-money option strikes. By incorporating information from multiple options contracts, the index produces a model-free estimate of implied volatility that reflects the market’s expectations for near-term price fluctuations.
Cboe stated that the index will be calculated using weekly Friday expirations of IBIT options. The calculation incorporates two option maturities that bracket a constant 30-day target horizon. This structure allows the index to maintain a consistent forward-looking measurement period.
The resulting index value reflects the market’s consensus expectation of volatility implied by listed IBIT option prices.
Application of VIX Index Framework
The methodology used for the BITVX Index is based on the framework originally developed for the Cboe Volatility Index (VIX). The VIX Index measures expected volatility in the S&P 500 Index by analyzing options prices across a range of strike prices.
The VIX Index has been widely used as a gauge of expected volatility in U.S. equity markets. According to Cboe, the BITVX Index applies the same underlying methodology to options associated with the iShares Bitcoin Trust ETF, which provides exposure to bitcoin through an exchange-traded fund structure.
Under this framework, volatility is derived from option prices rather than historical return calculations. This approach reflects market participants’ expectations regarding future price fluctuations over the defined time horizon.
The new index therefore applies the established VIX methodology to a different underlying asset class by using options activity associated with a bitcoin-linked ETF.
Role of IBIT Options in the Index
The BITVX Index will use options tied to the iShares Bitcoin Trust ETF (IBIT) as the basis for its volatility calculations.
According to Cboe, IBIT options are among the most actively traded options linked to digital assets in the United States. These options provide market participants with instruments used to manage exposure to bitcoin through an exchange-traded fund structure.
Because the index relies on option pricing data, the resulting volatility measure reflects the expectations embedded in the options market regarding potential price movement in the underlying asset.
By aggregating pricing information across multiple IBIT option contracts, the index produces a forward-looking measure that represents market expectations of volatility over the next 30 days.
Leadership Statement
Rob Hocking, Global Head of Derivatives at Cboe, described the introduction of the BITVX Index as an extension of the company’s volatility index framework to the bitcoin market.
“With the new BITVX Index, we’re taking the proven framework of Cboe’s VIX Index methodology and applying it to bitcoin, giving the market a transparent, rules-based benchmark for expected volatility derived from IBIT options activity,” said Rob Hocking, Global Head of Derivatives at Cboe.
“Bitcoin ETF options are a popular way for investors to access and manage bitcoin exposure, and we believe a dedicated volatility index will be an additive piece to the ecosystem, helping investors better analyze, price, and hedge risk in digital assets.”
Cboe Volatility Index Suite Expansion
The introduction of the BITVX Index expands Cboe’s volatility index suite into a new asset class associated with digital assets.
Cboe has developed a range of volatility indices designed to measure expected market volatility across different asset classes. The VIX Index, which measures expected volatility for the S&P 500 Index, is one of the most widely recognized volatility benchmarks in financial markets.
According to Cboe, the BITVX Index extends the application of its volatility index methodology to options tied to a bitcoin-linked exchange-traded fund.
The index will be calculated and administered by Cboe Global Indices, which manages the company’s index development and calculation services.
Additional information regarding Cboe’s index offerings is available through the company’s website.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding expectations, plans, projections, or future events and are not statements of historical fact.
Such statements may include expectations regarding product launches, market developments, and business strategies. Words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” and similar expressions are used to identify forward-looking statements.
Forward-looking statements involve risks and uncertainties that may cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied. These risks include economic, political, and market conditions, competition within the industry, regulatory developments, operational risks, technology infrastructure challenges, and other factors described in Cboe’s filings with the U.S. Securities and Exchange Commission.
Cboe Global Markets, Inc. stated that it does not undertake any obligation to update forward-looking statements except as required by law.
About Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE) operates a global markets network providing trading, clearing, and investment solutions across multiple asset classes.
The company has a long history of innovation in equity derivatives markets. Cboe launched the world’s first listed options exchange in 1973 and has introduced products including S&P 500 Index options and the VIX Index, a widely used gauge of market volatility.
Today, Cboe operates markets for derivatives, equities, and foreign exchange products. The company provides trading infrastructure and market services for customers worldwide.
More information about Cboe Global Markets is available at www.cboe.com.
Media Contact
For additional information, visit cboe.com.
Source Attribution
Source: Company announcement