Cboe, S&P DJI eye tokenized options in next phase of derivatives deal

Cboe Global Markets and S&P Dow Jones Indices will explore potential tokenized options contracts as part of a 25-year extension of their exclusive licensing agreement, which runs through 2051, the companies said Tuesday. Cboe will retain exclusive rights to offer trading in S&P 500 Index options.

The companies began working together in 1983 with the launch of SPX options. The contract suite exceeded 970 million contracts traded in 2025, while average daily volume climbed 25% year over year to 3.9 million, according to Cboe. Cboe has continued to broaden its SPX options and VIX offerings through new products, structures and expiration dates.

Cboe CEO Craig Donohue said the extended partnership would support continued growth of the franchises, provide customers with greater certainty and allow the firms to explore new areas of innovation as markets and technology change.

Cboe has focused its digital-asset expansion on crypto derivatives, while S&P Dow Jones Indices has built out a diverse suite of crypto benchmarks. Their approaches give investors different ways to access digital assets through derivatives, volatility products, indices and institutional investment products.

Cboe now offers cash-settled Bitcoin and Ether futures and options, along with products tied to Bitcoin ETFs and crypto volatility. The exchange operator has also expanded its Bitcoin-related benchmarks, including Bitcoin futures and volatility products designed to support trading and hedging strategies.

S&P DJI operates a wide range of crypto indices spanning individual assets, market baskets, sectors and futures. The index provider has added more specialized benchmarks, including a DeFi index and the S&P Pantera Digital Asset Index, which takes a quality-focused approach based on real-world use and revenue.