First Bitcoin Capital Corp (BITCF)

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Options on bitcoin futures

Options on exchange-traded bitcoin futures launched Monday on the Chicago Mercantile Exchange, in response to growing crypto attraction and demand for tools to manage bitcoin (BTC-USD) exposure.

While volumes and open interest on a rival exchange known as Bakkt have been "rather small," the new offering could be a game changer, said strategists at JPMorgan led by Nikolaos Panigirtzoglou. "The first day of trading might be irrelevant - the first weeks and months might be more material," added Mike McGlone, an analyst with Bloomberg Intelligence.