Learn how calls and puts on this product work, with premium, profit, loss and breakeven examples in the contract’s units.

What makes the contract Micro?

CME’s U.S. dollar-denominated Micro Bitcoin futures represent 0.1 BTC. An option on that future uses the same underlying quantity. The standard contract represents 5 BTC. The premium quotation is per bitcoin, so multiply it by the quantity to find the contract premium.

For the broader introduction to calls, puts and premiums, start with Bitcoin Options. A Micro contract is a specific futures product, not an informal name for any small option trade.

Call and put example terms

The examples below use the contract price units and multiplier stated in this lesson.

Prices and premiums are hypothetical. The result measures expiry value and assumes any delivered position is closed at that price without additional movement or costs. It does not assume that every option settles in cash.

Buying micro bitcoin calls

A call gives its buyer upside exposure to the specified underlying. For this example, use a strike of 100,000 price units and a premium of 2,000 price units. With the stated multiplier of 0.1, the premium cost is USD 200.

At expiration with the underlying at 110,000, intrinsic value is (110,000 − 100,000) × 0.1 = USD 1,000. After the premium, the gain is USD 800 before other costs.

At or below the strike, the call has no intrinsic value and loses its whole premium. Breakeven at expiration is 102,000 price units. At 101,000, the call is in the money but still loses USD 100 after the premium.

Buying micro bitcoin puts

A put gives its buyer downside exposure. Assume the same 100,000 strike and 2,000-unit premium, costing USD 200 with the same multiplier. The equal call and put premiums are hypothetical, not a claim about actual market quotes.

At expiration with the underlying at 90,000, intrinsic value is (100,000 − 90,000) × 0.1 = USD 1,000. Subtracting the premium leaves USD 800 before costs.

At or above the strike, the put loses its full premium. Its breakeven is 98,000 price units. At 99,000, it is in the money but still loses USD 100 after the premium. Before expiration, time and implied volatility also affect the price; these expiry calculations do not predict its resale value.

The premium and the next position

A correct price view does not guarantee a profit. The move must be large enough and arrive before expiry to recover the premium. Before expiry, time remaining and implied volatility affect the price available when selling to close.

The premium limits the standalone purchased option’s loss. Exercise can create another position requiring funding or margin, and keeping that position introduces further risk. An uncovered seller can lose much more than the premium received.

What happens at expiration?

These CME options are European-style and exercise into the specified futures. Monthly delivered futures immediately settle to cash; weekly series can leave an open futures position. Check the selected option and futures dates together.

Micro futures are not a delivery of coins to a wallet. Read Crypto Options Settlement and Risks for the distinction between an option’s expiry value and the obligations of a resulting position.

Sources and further reading

Contract information checked 14 September 2026. Examples are hypothetical and exclude fees and other trading costs. Editorial standards.

References

Currency quotations · Options on futures: exercise and assignment · Options basics

Examples are hypothetical and exclude fees and financing costs. Contract terms vary by product. Updated 14 September 2026.