NYSE to launch cash-settled index options tracking XBX

Rick Steves

“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.”

Wall Street NYSE

The New York Stock Exchange has partnered with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index (XBX), the longest-operating spot bitcoin index.

NYSE, and its parent company Intercontinental Exchange (ICE), intend to work with CoinDesk Indices and the relevant regulatory agencies to develop specific product offerings.

Last year, ICE Futures Singapore collaborated with CoinDesk Indices to update its bitcoin futures contracts, CoinDesk Bitcoin Futures (BMC), to utilize XBX for its monthly contract settlement.

Currently the benchmark for $20 billion in ETF assets under management, XBX tracks the spot price of bitcoin, denominated in U.S. dollars, in real-time across multiple crypto exchanges. XBX is calculated and published once per second, 24 hours per day, 365 days each year.

“An important liquid and transparent risk-management tool”

Jon Herrick, Chief Product Officer, New York Stock Exchange, said: “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. Upon regulatory approval, these options contracts will offer investors access to an important liquid and transparent risk-management tool.”

Andy Baehr, Head of Product, CoinDesk Indices, added: “XBX has delivered a trusted price of bitcoin to millions of investors, market participants, and bitcoin enthusiasts since 2014. Collaborating with the NYSE to launch XBX index options opens a new chapter in digital assets, placing important and familiar risk-management tools in the hands of U.S. and global investors.”

The collaboration continues the relationship between two trusted organizations with unparalleled expertise in offering investor access and choice. CoinDesk Indices, a subsidiary of Bullish, produces indices that support some of the world’s largest digital asset products. Its flagship indices, such as XBX and the CoinDesk 20 Index, set the industry standard for measuring, trading and investing in digital assets. The NYSE, with 232 years of advances in trading technology, ranks as the world’s largest stock exchange, with a market capitalization of about $39 trillion.

BitGo now offers custody of CoinDesk 20 Index

Last week, Coindesk Indices partnered with BitGo for the custody of the underlying assets that make up the CoinDesk 20 Index, which goes beyond the Bitcoin ETF to provide a more diverse portfolio that tracks the performance of top digital assets, applying a capped market capitalization-weighted methodology to ensure diversification.

After generating institutional demand with approximately $5 billion in perpetual futures volume since January 2024, the CoinDesk 20 Index may well get further attention as the crypto market continues its new bull run, with Bitcoin leading the way just shy of the $70,000 mark.

The CoinDesk 20 perpetual futures contract was introduced by digital asset exchange Bullish after the original CoinDesk 20 being launched earlier this year.

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