Cboe Global Markets and S&P Dow Jones Indices have extended their exclusive licensing agreement through 2051 and signaled they may build products beyond traditional index derivatives, including tokenized options. The plan is exploratory only, with no tokenized contract launched yet, while Cboe shares climbed on the news.
Cboe and S&P Dow Jones Indices are exploring whether to bring options contracts on-chain, folding a tokenization ambition into a 25-year extension of their decades-old licensing partnership. The two firms said Monday they had renewed their exclusive licensing agreement through 2051, preserving Cboe's rights to offer options on the S&P 500 Index, or SPX, its flagship product.
A 1983 partnership extended to 2051
The partnership dates to 1983, when Cboe launched the first S&P 500 index options. Beyond locking in that arrangement, Cboe and S&P DJI said they may collaborate on new products, specifically naming tokenized options contracts. According to the companies: "beyond traditional index derivatives". The tokenization piece is exploratory, not a launch, and any tokenized contract would be a distinct product from the SPX options trading today.
Record volume, exploratory tokenization
SPX options are a heavily traded market, reaching a record 970.6 million contracts in 2025, according to figures cited alongside the announcement. Cboe shares rose more than 6% after the news.
The move plants one of derivatives trading's biggest names in a corner of crypto that has been drawing a rush of institutional interest. The NYSE recently tapped Blockchain.com to reach crypto investors with tokenized stocks and ETFs, while BlackRock has leaned deeper into the space through a tie-up with Ondo Finance. Separately, a consortium including BlackRock, Goldman Sachs, JPMorgan and the DTCC has explored tokenized stocks.
Meanwhile, the exploration follows the SEC's recent innovation exemption, which opened a compliant pathway for tokenized U.S. stocks to trade on-chain without registering as national securities exchanges. Options carry expiration dates, strike prices and settlement mechanics that make them a more complex instrument to tokenize than stocks.
For now, Cboe and S&P DJI have signaled intent rather than a finished product.
Source: Decrypt
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