Cboe to Launch BITVX, A New Volatility Index Based on IBIT Options
Rhea-AI Summary
Cboe (CBOE) will launch the Cboe IBIT Volatility Index (BITVX) on March 23, 2026, a new index applying Cboe's VIX methodology to options on the iShares Bitcoin Trust ETF (IBIT).
BITVX measures the market's 30-day forward-looking implied volatility using IBIT option prices and weekly Friday expirations with two maturities that bracket a constant 30-day horizon.
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News Market Reaction – CBOE
On the day this news was published, CBOE declined 0.69%, reflecting a mild negative market reaction. Argus tracked a trough of -2.8% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $209M from the company's valuation, bringing the market cap to $30.04B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CBOE is up 1.27% while peers like NDAQ, FDS, and MORN show modest gains but did not register in momentum scans, pointing to a more company-specific response to the BITVX launch.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 04 | Volume metrics update | Positive | -1.0% | Reported broad strength and record proprietary index options ADV for February. |
| Feb 24 | Conference appearance | Neutral | -0.6% | Announced management presentation at Raymond James investor conference. |
| Feb 13 | Dividend declaration | Positive | +3.3% | Declared Q1 2026 quarterly cash dividend of <b>$0.72</b> per share. |
| Feb 12 | Product expansion | Positive | +1.7% | Launched nearly 24-hour trading in Russell 2000 index options. |
| Feb 06 | Earnings results | Positive | -0.7% | Reported record Q4 and full-year 2025 revenue and EPS growth with 2026 targets. |
Product and dividend announcements often saw positive alignment, while strong volume and earnings updates sometimes coincided with short-term price pullbacks.
Over recent months, Cboe reported record Q4 2025 and full-year results, expanded nearly 24-hour trading in Russell 2000 options, and declared a $0.72 quarterly dividend. Operational updates included strong February volume metrics and a conference appearance. The BITVX bitcoin volatility index launch fits the pattern of expanding its volatility and derivatives suite, complementing prior growth in SPX/VIX products and extended trading hours.
Market Pulse Summary
This announcement introduces BITVX, a bitcoin-focused volatility benchmark applying Cboe’s VIX methodology to IBIT ETF options. It extends Cboe’s established strength in index and volatility products and follows recent initiatives like expanded Russell 2000 trading hours and record 2025 results. Investors may watch adoption of BITVX, trading volumes in IBIT options, and subsequent index-linked products as indicators of commercial traction.
Key Terms
volatility index financial
vix index financial
etf options financial
implied volatility financial
out-of-the-money option financial
AI-generated analysis. Not financial advice.
- New index designed to measure the 30-day forward-looking volatility of bitcoin
- Applies Cboe's proprietary VIX® methodology and is based on iShares Bitcoin Trust ETF options
- Expands Cboe's volatility index suite across new asset classes
BITVX is designed to measure the market's expectation of 30-day forward-looking volatility for the bitcoin market, as conveyed by options on the iShares Bitcoin Trust ETF (Ticker: IBIT) -- one of the most actively traded
The VIX Index, widely regarded as the world's premier barometer of 30-day forward-looking volatility for the
"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."
Calculation for the BITVX Index is based on weekly Friday expirations of IBIT options, using two maturities that bracket a constant 30-day target horizon. The resulting index reflects the market's consensus expectation of near-term volatility implied by listed IBIT option prices. To learn more about Cboe's indices, visit the website.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.
Cboe Media Contacts | Cboe Analyst Contact | |||
Angela Tu | Tim Cave | Kenneth Hill, CFA | ||
+1-646-856-8734 | +44 (0) 7593-506-719 | +1-312-786-7559 | ||
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SOURCE Cboe Global Markets, Inc.
FAQ
What is the BITVX index Cboe is launching on March 23, 2026 (CBOE)?
How does Cboe calculate the BITVX index from IBIT options (CBOE)?
What does BITVX mean for investors using IBIT options (CBOE)?
Which product's options underlie the new BITVX volatility index (CBOE: BITVX)?
When will BITVX reflect a 30-day implied volatility horizon and how often is it updated (CBOE)?
