Chicago-based cryptocurrency exchange Bitnomial has launched futures contracts tied to the XTZ Tezos token, marking the first time the asset has a futures market on an exchange regulated by the US Commodity Futures Trading Commission.
According to Wednesday announcementfutures contracts are vigorous and allow institutional and retail investors to gain exposure to XTZ (XTZ) price movements by using cryptocurrency or US dollars as margin.
Futures contracts allow investors to hedge risk or gain price exposure by agreeing to buy or sell an asset at a set price in the future, without having to hold the asset itself.
Regulated futures markets are often seen as a prerequisite for broader U.S. institutional participation, including potential spot Exchange Traded Funds (ETFs), because they provide standard price discovery and oversight under the CFTC.
“The CFTC-regulated futures market with a six-month trading history performs admirably within the context of the SEC’s general listing standards for spot ETFs,” said Bitnomial CEO Michael Dunn.
Dunn told Cointelegraph that the company is “actively pursuing new tokens” for potential U.S. institutional and retail derivatives markets, but declined to comment on specific assets.
Previously, Bitnomial listed US-regulated futures contracts tied to assets including Cardano (ADA), XRP (XRP) and Aptos (APT), making it among the few platforms offering regulated cryptocurrency derivatives beyond Bitcoin (BTC) and Ether (ETH) in the US.
Bitnomial’s push to issue altcoin-linked futures has not been without regulatory hurdles. In August 2024, the exchange attempted to self-certify XRP futures contracts with the CFTC, but the Securities and Exchange Commission (SEC) balked, arguing that the contracts required registration as a securities exchange.
After suing the SEC in October 2025 and later withdrawing the case, Bitnomial launched XRP futures in March, citing the agency’s evolving approach to crypto policy.
Related: CFTC sends Bitnomial a no-action letter, clearing the way for event contracts
A low history of Tezos
The Tezos mainnet launched in June 2018 after an initial coin offering in 2017 that raised approximately $232 million in Bitcoin and Ether. While not the first proof-of-stake blockchain, Tezos was one of the earliest Layer 1 networks to combine proof-of-stake with formal onchain governance, allowing token holders to approve protocol updates that allowed the network to evolve without demanding forks.
During the 2021-2022 immutable token boom, blockchain has carved out a niche as a cheaper, energy-efficient alternative to Ethereum for mining and trading NFTs. As Ethereum gas fees enhance, artists and game publishers like Ubisoft gravitated toward Tezos, citing lower transaction costs and a proof-of-stake network design.
During these years, Tezos also secured prestigious sports partnerships with Red Bull Racing and McLaren racingand was later reported to have arranged a multi-year training kit sponsorship for Manchester United worth over $27 million per year.
According to CoinGecko, Tezos’ native token, XTZ, reached an all-time high of $9.12 in October 2021. databut since then it has dropped by about 95% and is currently trading at around $0.46.
On January 25, Tezos rolled out a protocol update in Tallinn, reducing the block time at the base layer to six seconds as part of the network’s 20th onchain update.
Magazine: Bitcoin is “fun internet money” in times of crisis: co-founder of Tezos
