NYSE Plans Bitcoin Options, Bringing Another TradFi Giant to Crypto

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

The New York Stock Exchange plans to include index options that track the price of bitcoin, bringing another traditional financial giant into the cryptocurrency space.

The cash-settled derivatives will track the CoinDesk Bitcoin Price Index (XBX), a 10-year benchmark operated by CoinDesk Indices.

The XBX is currently the benchmark for $20 billion in exchange-traded fund assets under management, according to Wednesday's press release announcing the partnership.

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

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