Chicago-based futures exchange giant CME Group is set to venture into Bitcoin spot trading, responding to a surge in demand, according to a Thursday report by the Financial Times. While the exact launch date remains undetermined as the plan is yet to be finalized, the move marks a significant expansion of CME's cryptocurrency offerings.

CME Group has been a prominent player in the crypto market for years. In December 2017, it introduced Bitcoin futures, a milestone that coincided with the peak of the cryptocurrency's bull run. In response to market demand for smaller-sized contracts, CME launched micro Bitcoin futures in May 2021.

Currently, CME leads in Bitcoin futures open interest, boasting $9 billion according to data from CoinGlass. This positions it ahead of major crypto-native exchanges such as Binance, OKX, and BitMEX. Furthermore, in early 2020, CME expanded its product range by launching Bitcoin options on its futures contracts. Despite this, CME holds the second spot in terms of options value, trailing significantly behind Deribit.

The heightened interest in spot trading is attributed to the recent launch of several spot Bitcoin ETFs. These ETFs have seen substantial investor interest, with the latest data indicating that they attracted $303 million in inflows on Wednesday alone.

CME's potential entry into spot Bitcoin trading could further solidify its dominance in the cryptocurrency market, offering a robust platform for traders seeking to engage in direct Bitcoin transactions. This strategic move underscores CME's commitment to adapting to evolving market demands and expanding its cryptocurrency portfolio.