Bitcoin
Luxor Bitcoin Hashrate Futures Now Lives on Bitnomial After Regulatory Approval
SEATTLE and CHICAGO, May 28, 2024 /PRNewswire/ — Luxor Technology Corporation (“Luxor”) and Bitnomial, Inc. (“Bitnomial”) Hashrate Futures are now live on the U.S.-based Bitnomial derivatives exchange. The launch marks the first Bitcoin mining derivative product to be traded on a regulated exchange. Advancing the objectives of Luxor’s Hashrate Forwards, Hashrate Futures offer market participants greater liquidity, greater market transparency and lower counterparty risk.
Luxor and Bitnomial designed this product to provide miners with an affordable tool to protect their revenues, while also giving investors access to an exchange-traded derivative directly tied to Bitcoin’s mining hashrate. Hashrate Futures trade under the ticker $HUP and have contract sizes of 1 petahash (PH) with a monthly duration. Luxor Bitcoin Hashprice Index serves as a reference rate for settlement by tracking the value of the hashrate, the digital commodity that underpins derivatives contracts.
“Hashrate Futures are the pinnacle of Bitcoin mining hedging products, something Luxor first envisioned when we created the Hashprice Index in 2020. These contracts offer market participants the first fully regulated Bitcoin mining derivative and will usher in a new era of more transparent, secure and liquid hashrate trading,” said Luxor head of derivatives, Matt Williams.
These Hashrate futures contracts are available to anyone with a Futures Commission Merchant (FCM) account that connects to the Bitnomial exchange. Luxor has also established an Introducing Broker (IB) business that can help companies integrate these FCMs. Luxor and Bitnomial Hashrate futures are the latest in Luxor set of hashrate financial productsand the offering is the US exchange-listed counterparty of Luxor’s physically delivered and non-deliverable Hashrate Forwards.
“We have seen unprecedented demand from the mining community for a futures product that is fungible with Luxor’s spot and forward offerings. Hashrate Futures provides bitcoin miners and institutional investors with a new method of hedging that has never been available before , as demand for new crypto-based derivatives products continues to grow,” said Luke Hoersten, founder and CEO of Bitnomial. “Additionally, Hashrate Futures are fungible with Bitnomial’s physical Bitcoin Futures, enabling Hash Rate spreads for Bitcoin Futures. These spreads allow participants to earn returns in USD or BTC, or isolate hashrate risk from Bitcoin price risk, enhancing Bitnomial’s unique product offering. With this launch, our Bitcoin Complex now includes Bitcoin Futures, Options, Deci Futures and Hash Rate Futures, creating the most comprehensive Bitcoin derivatives complex in the world. US market.”
These hash rate futures are an important addition to Bitnomial’s complex of Bitcoin products, which includes the physical bitcoin futures and options it currently offers. Bitnomial is unique in the Bitcoin derivatives space because it offers physically-backed contracts, meaning traders can redeem them for bitcoin instead of fiat currency. According to exchange dataBitnomial Bitcoin futures volumes and open interest reached all-time highs during the first quarter of 2024, demonstrating growing interest in physically-backed Bitcoin financial products.
To learn more about Hashrate Futures, visit: https://bitnomial.com/exchange/products/hashrate-us-dollar-petahash-futures
About Luxor Technology Corporation
Luxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products aimed at the crypto mining and computational power industries. Luxor operates a Bitcoin Mining Pool, Hash rate derivatives Table, ASIC trading desk, ASIC FirmwareBitcoin mining data platform (Hash Rate Index), It is Ordinal Center.
If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].
About Bitnomial
Bitnomial, Inc. is a digital asset derivatives exchange company that operates a U.S. CFTC-regulated exchange (DCM), clearing house (DCO), and broker-dealer (FCM). Bitnomial offers the Bitcoin Complex® including physical delivery Bitcoin Futures, options, Deci FuturesIt is Hash Rate Futures.
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Disclaimer
This content is for informational purposes only; you should not construe any information or other materials as legal, investment, financial or other advice.
SOURCE Bitnomial Inc.