TL;DR: Bakkt launched detail of its bitcoin core (BTC) futures, set to rollout in December of last year, pushed to January, and then again to an undetermined date. It is physically settled, as promised, and BTC must be purchased to seal the transaction. While some remain skeptical, enthusiasts hoping for institutional entrance into the ecosystem believe it could be just the spark need for a price rally.
Bakkt Reveals its Physically Settled Bitcoin Futures Specifications
“ICE Futures U.S. offers physically delivered daily futures contracts on Bitcoin traded in BTC/USD (subject to regulatory approval),” the post read. “These contracts will be traded on ICE’s electronic trading platform, which offers industry-leading speed and reliability, regulated by the CFTC.”
Last anyone had heard, Bakkt was waiting for the Commodity Futures Trading Commission (CFTC) to formally approve its rollout. The company insisted CFTC feet dragging was the hold up, causing it to push back launch dates from mid December of 2018 to just days ago, to then speculation for February or even later. The CFTC apparently has not given its blessing.
Bakkt BTC (USD) Daily Future
“All trades are cleared and guaranteed by ICE Clearing US,” Bakkt continued, “the central counterparty for all ICE cleared forex futures trades. Trades will result in physically delivered Bitcoin in the regulated Bakkt Warehouse. Market participants are eligible to transact with any other market participants. ICE physically delivered bitcoin futures offer trading and hedging opportunities.”
Some of the market specification include: “Trading Screen Product Name, Bakkt BTC (USD) Daily Future; Trading Screen Hub Name, ICUS; Contract Series, Daily Futures; Commodity Code, BTC; Contract Size, 1 Bitcoin; Price Quotation, U.S. dollars per Bitcoin to 2 decimal places; Minimum Price Fluctuation, $2.50 per bitcoin ($2.50 per contract); Block Trades may be executed at $0.01 per bitcoin ($0.01 per contract); Daily Price Limit,, None,” among other details.
CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.