Crypto29 September, 20262 min read
Cboe And S&P Dow Jones Extend Exclusive S&P 500 Options Deal Through 2051, Explore Tokenized Contracts
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Cboe and S&P DJI extend exclusive S&P 500 options license through 2051. They may explore tokenized options contracts, though no launch details provided.
Tokenized options explored
Cboe Global Markets and S&P Dow Jones Indices extended their exclusive S&P 500 options licensing agreement for another 25 years, through 2051, and they said they may collaborate on innovation beyond traditional index derivatives, including products such as tokenized options contracts. Catherine Clay, CEO of S&P DJI, said in a statement, "Investor demand for exposure to U.S. equities continues to accelerate, and we see a future where every investor, everywhere, can access this benchmark in the format that best suits their needs," while the companies did not announce a tokenized product, timeline, or details about how such contracts might work.
Craig Donohue, CEO of Cboe Global Markets, said the extension allows Cboe "to further grow our SPX and VIX franchises, while providing the certainty and continuity that our customers have come to expect in these products," and he added it gives the firms runway to pursue innovation and emerging technologies. Cboe said SPX options reached a record 970.6 million contracts in 2025, or an average of 3.9 million per day, as the agreement preserved Cboe's exclusive rights to offer its flagship S&P 500 Index (SPX) options through 2051.
How tokenization could work
Cboe and S&P DJI framed tokenization as a way to put traditional assets such as stocks, funds and credit on blockchain rails, where they can potentially trade around the clock, settle faster, and move more easily between trading, lending and collateral systems. The firms said tokenized contracts can use smart contracts to automate functions such as collateral management, margin requirements and settlement, potentially reducing the number of intermediaries involved and allowing capital to be redeployed more quickly after a trade settles.
For options, the companies said collateral can be locked onchain and the terms of the contract, including the strike price and expiration, encoded into the smart contract so settlement can occur automatically based on market data. The companies also positioned their exploration within a broader push by major U.S. market operators and infrastructure providers toward blockchain-based products, while they still kept tokenized options at the exploration stage rather than announcing a launch.
Market impact and next steps
Cboe and S&P DJI said the licensing extension preserves Cboe's exclusive rights to offer trading in its flagship S&P 500 Index (SPX) options through 2051, and they described the agreement as creating room to pursue tokenized options contracts without disclosing a filing, trading venue, settlement design, or timetable. Cboe said royalty terms remain unchanged during 2026, while revised terms begin in 2027, and it expected the reset to have only a minimal effect on net revenue growth.
Cboe shares rose more than 6% in premarket trading after the extension was announced, and the companies said the renewed rights cover SPX options that recorded their fourth consecutive year of record trading activity in 2025. Cboe and S&P DJI also pointed to their longer relationship dating to 1983, when SPX options began trading, as they positioned the next frontier of innovation around tokenized options contracts while keeping the current SPX options market separate from any potential tokenized product.