NYSE Plans Bitcoin Options, Bringing Another TradFi Giant Into Crypto

CoinDesk Indices' XBX is currently the benchmark for $20 billion in ETF assets under management.

AccessTimeIconMay 29, 2024 at 12:35 p.m. UTC
Updated May 29, 2024 at 4:59 p.m. UTC

The New York Stock Exchange plans to list index options tracking the price of bitcoin (BTC), bringing another traditional finance giant into the cryptocurrency space.

The cash-settled derivatives will track the CoinDesk Bitcoin Price Index (XBX), a 10-year-old benchmark operated by this news organization's corporate sibling, CoinDesk Indices. The XBX is currently the benchmark for $20 billion in exchange-traded fund assets under management, according to the Wednesday press release announcing the partnership.

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  • "As traditional institutions and everyday investors are demonstrating their wide-ranging enthusiasm for the recent approval of spot bitcoin ETFs, the New York Stock Exchange is excited to announce its collaboration with CoinDesk Indices," NYSE Chief Product Officer Jon Herrick said in the statement. "Upon regulatory approval, these options contracts will offer investors access to an important liquid and transparent risk-management tool."

    Bitcoin derivatives helped pave the way for this year's introduction of spot bitcoin ETFs, which turned into one of the most successful ETF launches in history. NYSE is owned by Intercontinental Exchange, which competes with CME Group – whose bitcoin futures are widely held in the industry. NYSE's entrance into the game provides another TradFi-friendly onramp to crypto.

    In 2023, Intercontinental Exchange's ICE Futures Singapore collaborated with CoinDesk Indices to use XBX for its monthly contract settlement for CoinDesk Bitcoin Futures in that country.

    Edited by Nick Baker.



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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Stephen  Alpher

    Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.