NYSE to List Bitcoin Options

The New York Stock Exchange (NYSE) plans to list index options tracking the price of Bitcoin (BTC), marking another significant move by a traditional finance giant into the cryptocurrency space.

These cash-settled derivatives will track the CoinDesk Bitcoin Price Index (XBX), a 10-year-old benchmark managed by CoinDesk Indices. According to the Wednesday press release announcing the partnership, the XBX is currently the benchmark for $20 billion in exchange-traded fund (ETF) assets under management.

“With traditional institutions and everyday investors showing great enthusiasm for the recent approval of spot Bitcoin ETFs, the New York Stock Exchange is thrilled to announce its collaboration with CoinDesk Indices,” said Jon Herrick, NYSE Chief Product Officer. “Upon regulatory approval, these options contracts will provide investors with a vital, liquid, and transparent risk-management tool.”

Herrick emphasized that the collaboration with CoinDesk Indices aims to meet the growing demand from both institutional and retail investors for diverse Bitcoin investment products. The new options contracts, pending regulatory approval, are expected to offer crucial risk management and liquidity.

Bitcoin derivatives have paved the way for this year’s successful introduction of spot Bitcoin ETFs, which became one of the most successful ETF launches in history. The NYSE, owned by Intercontinental Exchange (ICE), is entering a competitive market currently dominated by CME Group, whose Bitcoin futures are widely held in the industry. The NYSE’s move provides another TradFi-friendly onramp to crypto investments.

In 2023, ICE Futures Singapore partnered with CoinDesk Indices to use XBX for its monthly contract settlement for CoinDesk Bitcoin Futures in Singapore. The NYSE’s entrance into Bitcoin options introduces another major player into this competitive space, enhancing options for investors and reinforcing the growing integration of cryptocurrency into traditional markets.

This latest development underscores the steady incorporation of the crypto space into traditional financial markets, offering more opportunities for risk management and broadening investment horizons.

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