The crypto custodian and crypto derivatives exchange subsidiary of Intercontinental Exchange (ICE), the operator of the New York Stock Exchange (NYSE), Bakkt launched trading in its physically-delivered Bitcoin futures at 00:00 UTC on Monday 23rd September 2019.
The first Bakkt Bitcoin futures trade took place two minutes after the launch, which the platform announced via a tweet thus:
The first Bakkt Bitcoin Futures trade was executed at 8:02pm ET at a price of $10,115″
Bakkt’s Bitcoin (USD) Daily Futures Contract and Bitcoin (USD) Monthly Futures Contract are now available for trading on ICE Futures U.S. and they are cleared by ICE Clear U.S.
Final settlement is done through “physical delivery” in the Bakkt’s Warehouse, which opened for customers’ Bitcoin deposits/withdrawals on the 6th day September 2019. The platform also tweeted about this thus
“Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23
The availability of physical delivery brings more flexibility in managing bitcoin exposure”
Delivery date for the daily Bitcoin futures is the “second Exchange Business Day after the Contract Date” and for monthly Bitcoin futures, it is “third Friday of the contract month”.