The New York Stock Exchange is collaborating with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index (XBX).
NYSE, which is part of the Intercontinental Exchange, intends to work with CoinDesk Indices and the relevant regulatory agencies to develop specific product offerings.
The XBX index 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.
“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,” Jon Herrick, chief product officer, New York Stock Exchange, said. “Upon regulatory approval, these options contracts will offer investors access to an important liquid and transparent risk-management tool.”
CoinDesk Indices support some of the world’s largest digital asset products. Its flagship indices, including XBX and the CoinDesk 20 Index, set the industry standard for measuring, trading and investing in digital assets.
“XBX has delivered a trusted price of bitcoin to millions of investors, market participants, and bitcoin enthusiasts since 2014,” Andy Baehr, head of product, CoinDesk Indices, said. “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.”
NYSE President Lynn Martin and Tom Farley, CEO of Bullish, the parent of CoinDesk Indices, spoke about this collaboration this week at the Consensus 2024 conference in Austin, Texas.