The New York Stock Exchange (NYSE) is partnering with CoinDesk to track the spot price of Bitcoin. This collaboration aims to bridge traditional finance with cryptocurrency, providing investors with avenues to engage in digital assets. The partnership includes tracking the CoinDesk Bitcoin Price Index (XBX) for cash-settled index options.

Launching Bitcoin Index Options

Jon Herrick, Chief Product Officer of NYSE, stated, "With traditional institutions and everyday investors showing widespread enthusiasm for recently approved spot Bitcoin ETFs, NYSE is pleased to announce this collaboration with CoinDesk's index. Once regulatory approvals are obtained, these options contracts will provide investors with an important liquidity and transparent risk management tool."

Options contracts tied to XBX enable users to manage risks and exposures related to Bitcoin price fluctuations through this avenue. Development of these options contracts is underway but requires regulatory approval to ensure compliance with relevant laws and regulations.

XBX is a benchmark index used to track Bitcoin's spot price, with assets managed by related ETFs totaling approximately $20 billion. The index displays Bitcoin's value across various cryptocurrency exchanges in real-time, with continuous calculation and publication every second.

Last year, CoinDesk was acquired by Bullish, led by former NYSE President Tom Farley. This acquisition positioned the cryptocurrency media publication CoinDesk as an independent subsidiary of Bullish, retaining its identity and editorial operations while benefiting from financial support for expansion.

Bullish Acquisition

CoinDesk's CEO Kevin Worth expressed enthusiasm for the partnership, emphasizing the potential for product development and expansion within the emerging cryptocurrency economy. With financial backing from Bullish, CoinDesk intends to seize opportunities in media, events, and indices.

However, during the acquisition, CoinDesk's parent company, Digital Currency Group (DCG), faced legal challenges. Last year, a lawsuit filed by the New York Attorney General accused it of fraudulent activities and attempting to conceal significant losses, involving DCG as well as other cryptocurrency giants such as Gemini and Genesis.