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Which Major Cryptocurrency Exchange Pioneered Physically Settled Bitcoin Futures and What Was Its Advantage?

Bakkt (ICE-backed) pioneered it, offering institutional investors a regulated product with actual Bitcoin delivery and regulated custody.
Greeks.Live22.11.25

Which Major Cryptocurrency Exchange Pioneered Physically Settled Bitcoin Futures and What Was Its Advantage?

Bakkt, a platform backed by the Intercontinental Exchange (ICE), pioneered physically settled Bitcoin futures. Its main advantage was providing institutional investors with a regulated product where the settlement involved actual Bitcoin delivery, which was held in a regulated custody solution.

This provided a path for institutions that specifically needed to hold the underlying asset for compliance or strategic reasons.

How Does a Regulated Exchange like Bakkt Handle the Custody of the Physical Bitcoin?
Are There Any Physically Settled Crypto Futures?
How Does the Concept of “Delivery” Apply to Physically-Settled Bitcoin Futures?
What Is the Primary Difference between Cash-Settled and Physically-Settled Crypto Futures?

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