It's cash settled. No actual Bitcoins change hands:

http://cfe.cboe.com/cfe-products/xbt-cboe-bitcoin-futures

This is not unprecedented. If you look at weather futures, for example, nobody's going to want to take delivery of a petagram of cool air. Or think about index futures: who wants to receive 1 share of 500 different stocks at settlement time? When the underlying commodity is hard to work with and people still want to gamble^W hedge their risk, cash settlement solves plenty of problems.

That makes sense here. People who need wheat or steel to run their business and want to lock in prices might buy futures. But approximately nobody actually has a business need to deliver 1,000 bitcoins in February. At best, they might want to hedge some sort of risk. But more likely, it's straight up speculation from people who don't care about Bitcoin as such, but just want to get in on the action.