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实物交割不远了！Bakkt的比特币期货将在7月测试、推出“两种期货服务”

The future of cryptocurrency derivatives is taking a significant step forward as Bakkt, the digital asset platform backed by Intercontinental Exchange (ICE)—the parent company of the New York Stock Exchange (NYSE)—prepares to launch its physically settled Bitcoin futures. With plans to begin user acceptance testing in July, this move marks a pivotal moment in the institutional adoption of Bitcoin.

Advancing Toward Physically Settled Bitcoin Futures

Bakkt announced on May 13 that it is working closely with the U.S. Commodity Futures Trading Commission (CFTC), the regulator overseeing derivatives markets in the United States. The company confirmed that Bitcoin futures contracts will undergo testing in July, although the exact date has not been disclosed.

Unlike cash-settled Bitcoin futures offered by the Chicago Mercantile Exchange (CME) and previously by Cboe (now suspended), Bakkt’s offering allows customers to receive actual Bitcoin upon contract expiration, rather than a cash equivalent in USD or other fiat currency. This distinction enhances transparency and aligns more closely with the core principles of digital asset ownership.

👉 Discover how regulated Bitcoin futures are shaping the future of crypto trading.

Regulatory Pathway: Self-Certification Strategy

Bakkt plans to list its futures products through a self-certification process via ICE Futures U.S., which submitted documentation to the CFTC. Under this framework, if the CFTC does not raise objections within a 10-day review period, the product is effectively approved by default.

This approach mirrors the path taken by CME and Cboe when they launched their cash-settled Bitcoin futures in 2017. However, Bakkt’s innovation lies in applying self-certification to physically delivered Bitcoin contracts, setting a new precedent for compliance and market structure.

It’s important to note that while Bakkt is collaborating with ICE Clear U.S. for clearing and settlement services, ICE Clear U.S. has not yet received formal CFTC approval to act as the custodian and clearinghouse for these physically settled contracts.

Two Types of Futures Contracts to Be Offered

Bakkt’s announcement revealed the introduction of two distinct futures products:

These offerings differ from Bakkt’s earlier January 25 announcement of a “Bakkt BTC (USD) Daily Future,” indicating an evolution in product design based on market feedback and operational readiness.

The dual-contract model provides greater flexibility for traders, institutions, and hedge funds seeking exposure to Bitcoin with varying time horizons and risk profiles.

Commitment to Market Integrity and Risk Management

To reinforce trust and stability in its platform, Bakkt will allocate $35 million of its own capital into the clearing house's risk waterfall mechanism. This financial commitment ensures that Bakkt shares risk with its clients, aligning incentives around market integrity, liquidity, and security.

By putting its own funds on the line, Bakkt signals confidence in its infrastructure and demonstrates a proactive stance toward mitigating systemic risks—critical factors for attracting institutional investors wary of volatility and counterparty risk in crypto markets.

Custody Ambitions Continue Despite Regulatory Hurdles

While Bakkt advances its futures agenda, it remains committed to becoming a qualified custodian for digital assets—a status still pending CFTC approval. In a strategic move, Bakkt acquired DACC, a crypto custody firm, and partnered with BNY Mellon for key storage solutions. These developments lay the groundwork for a fully integrated ecosystem where trading, clearing, and custody occur under one regulated umbrella.

This vertical integration could position Bakkt as a one-stop platform for institutional-grade crypto services, similar to traditional financial market infrastructures.

👉 Learn how secure custody solutions are driving institutional crypto adoption.

Frequently Asked Questions (FAQ)

Q: What is the difference between cash-settled and physically settled Bitcoin futures?
A: Cash-settled futures pay out the price difference in fiat currency (e.g., USD), while physically settled futures deliver actual Bitcoin upon contract expiration. The latter offers direct exposure to the underlying asset.

Q: When will Bakkt’s Bitcoin futures be available for live trading?
A: User acceptance testing begins in July 2025, with full launch expected shortly after successful testing and regulatory clearance. No official public launch date has been confirmed yet.

Q: Why is self-certification important for Bakkt’s launch timeline?
A: Self-certification allows exchanges to list new derivatives quickly without waiting for explicit CFTC approval. If no objections are raised within 10 days, the product can proceed—accelerating time-to-market.

Q: How does Bakkt’s $35 million capital commitment impact traders?
A: It strengthens the clearinghouse’s ability to absorb losses during extreme market events, increasing confidence in platform stability and reducing systemic risk for all participants.

Q: Can retail investors trade Bakkt’s Bitcoin futures?
A: Initially targeted at institutional clients, retail access may follow as liquidity grows and brokerages integrate the contracts into their platforms.

Q: Is Bakkt’s Bitcoin futures contract approved by the CFTC?
A: Not explicitly. It uses self-certification via ICE Futures U.S., meaning it proceeds unless the CFTC objects within 10 days—a common practice in U.S. derivatives markets.

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Conclusion

Bakkt’s upcoming launch of physically settled Bitcoin futures represents a milestone in the maturation of cryptocurrency markets. By combining regulatory collaboration, innovative product design, and strong financial backing, Bakkt is paving the way for broader institutional participation in digital assets.

As user testing begins in July 2025, all eyes will be on how smoothly the platform performs under real-world conditions—and whether this becomes the catalyst for wider adoption of Bitcoin as a legitimate financial instrument.

The convergence of traditional finance infrastructure with blockchain-native assets is no longer theoretical—it’s unfolding in real time.