Cboe, S&P DJI to explore tokenized options in 25-year licensing extension
In brief
- Cboe and S&P DJI extended their exclusive licensing agreement by 25 years, through 2051.
- Cboe and S&P DJI said they will explore tokenized options contracts but gave no launch timeline.
- Cboe keeps exclusive rights to offer trading in S&P 500 Index options.
- SPX contracts topped 970 million in 2025, with average daily volume up 25%, Cboe said.
What the extension covers
The tokenized piece is exploratory. Neither company described it as a planned launch, and there's no timeline attached to it in the companies' Tuesday announcement.
The core of the deal is much older (and much bigger). Cboe and S&P DJI began working together in 1983 with the launch of SPX options, and the extension keeps Cboe as the exclusive venue for S&P 500 Index options through 2051.
Cboe CEO Craig Donohue said the extended partnership would support continued growth of the franchises, give customers greater certainty and let the firms explore new areas of innovation.
The SPX numbers
It's not a small franchise. According to Cboe, the SPX contract suite exceeded 970 million contracts traded in 2025, while average daily volume rose 25% year over year to 3.9 million contracts.
Cboe hasn't stood still on the product side either. It's kept broadening its SPX options and VIX offerings with new products, structures and expiration dates.
Where crypto already fits
Both firms already have a foothold in digital assets. Cboe has focused its expansion there on crypto derivatives, and it now offers cash-settled Bitcoin and Ether futures and options, plus products tied to Bitcoin ETFs and crypto volatility.
S&P DJI has built out a range of crypto indices covering individual assets, market baskets, sectors and futures. It's also added more specialized benchmarks, including a DeFi index and the S&P Pantera Digital Asset Index (which, per the report, takes a quality-focused approach based on real-world use and revenue).
So the crypto groundwork on both sides is already in place. What Tuesday's announcement adds is a stated intent to look at tokenized options alongside the existing S&P 500 franchise, with the firms committing only to explore the idea.
For now, it's one line in a licensing deal that runs another 25 years.
Frequently asked questions
Are Cboe and S&P DJI launching tokenized options?
No launch has been announced. The companies said they will explore potential tokenized options contracts as part of a 25-year extension of their exclusive licensing agreement, and no timeline was given.
What does the Cboe and S&P DJI licensing extension cover?
The extension runs 25 years, through 2051. Under it, Cboe retains exclusive rights to offer trading in S&P 500 Index options, a partnership that began in 1983 with the launch of SPX options.
