Cboe and S&P DJI may explore tokenized options under renewed deal

Cboe Global Markets and S&P Dow Jones Indices renewed their exclusive licensing agreement for 25 years, through 2051. The firms said they may collaborate on tokenized options contracts beyond traditional index derivatives. No tokenized product has launched. Any tokenized contract would be distinct from the S&P 500 Index options that Cboe currently offers under the agreement. The partnership began in 1983, when Cboe launched the first S&P 500 index options. S&P 500 Index options trading reached 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 exploration follows a recent SEC innovation exemption that opened a pathway for tokenized U.S. stocks to trade on-chain without registering as national securities exchanges. The NYSE recently tapped Blockchain.com to reach crypto investors with tokenized stocks and ETFs. BlackRock has a tokenization tie-up with Ondo Finance. A consortium including BlackRock, Goldman Sachs, JPMorgan and the DTCC has separately explored tokenized stocks. Tokenized options would need to handle expiration dates, strike prices and settlement mechanics.