CME Group Inc. (NASDAQ: CME) announced the launch of Bitcoin Volatility Index futures, with first trades executed as blocks between DV Chain and Monarq Asset Management on June 5.

The new futures contracts allow investors to trade bitcoin volatility independently of price direction through a 24/7 trading framework. The products are designed to help investors manage portfolio volatility risk and exposure at any time.

"The early support we've seen for our new Bitcoin Volatility futures further demonstrates the growing client demand for more innovative tools to more efficiently protect against adverse market moves," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.

The launch follows CME Group's introduction of 24/7 trading for cryptocurrency products on May 29. The company's cryptocurrency product suite has shown growth year-to-date, with average daily volume of 266,900 contracts, up 38% year-over-year, and average daily open interest of 274,500 contracts, up 18% year-over-year.

Shiliang Tang, CEO of Monarq Asset Management, stated that the contracts represent institutional-grade tools for bitcoin volatility exposure. Dave Vizsoly, CEO of DV Chain, noted the significance of trading volatility independent of price direction on a regulated platform.

CME Group operates derivatives trading across multiple asset classes including interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products, and metals through its CME Globex platform.