NYSE Plans Bitcoin Options, Bringing Another TradFi Giant Into Crypto
The New York Stock Exchange (NYSE) is set 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 CoinDesk Indices.
The XBX is currently the benchmark for $20 billion in exchange-traded fund assets under management. The partnership is expected to offer investors access to an important liquid and transparent risk-management tool upon regulatory approval.
NYSE, owned by Intercontinental Exchange, 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.
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