cMet

CMEt is the ticker used to refer to the Chicago Mercantile Exchange Group’s Bitcoin futures contract, a regulated, cash-settled derivative that provides exposure to the price of Bitcoin without requiring ownership of the cryptocurrency. The contract is offered on the CME Globex trading platform and is designed for hedging, speculation, and price discovery within a regulated framework.

The CMEt contract was launched in December 2017 as part of a broader effort to bring regulated Bitcoin trading to mainstream financial markets. Each contract represents a fixed amount of Bitcoin and is settled in U.S. dollars. Trading features standard terms set by CME Group, with clearing through CME Clearing to provide counterparty risk protection.

Settlement is cash-based, with the final settlement price derived from the CME CF Bitcoin Reference Rate (BRR) published on the settlement day. The BRR aggregates prices from multiple spot exchanges to produce a single reference price used for settlement, helping to align Bitcoin pricing with regulated markets.

As a regulated product, CMEt provides standardized contract specifications, exchange-traded liquidity, and the backing of a central clearing counterpart. This structure contrasts with over-the-counter Bitcoin trades and has been cited as contributing to greater transparency and investor protection within the market for cryptocurrency derivatives.

CMEt serves several market functions, including risk management for holders and miners, and for traders seeking exposure to Bitcoin price movements without holding the digital asset. Its presence has supported broader participation from institutions and professional traders in the Bitcoin market, alongside other futures and derivatives offered on Bitcoin. See also: CME Group, Bitcoin futures, CME CF BRR.