Cboe Global Markets to Realign Digital Asset Business, Wind Down Cboe Digital Spot Market Operations

Cboe Global Markets, Inc. (Cboe), a leading provider of global market infrastructure and tradable products, announced on Thursday (April 25) that it will refocus its digital asset business and plans to integrate its digital asset derivatives, currently offered by Cboe Digital, into its existing global derivatives and clearing businesses.

This strategic move aligns with Cboe's long-term strategy, considering the lack of clear regulation in the digital space. The integration is expected to bring efficiencies to both Cboe and its clients, leveraging its extensive worldwide derivatives franchise and advanced global technology platform to drive the expansion of the digital asset derivatives market.

As part of this announcement, Cboe shared its intention to cease operations of the Cboe Digital Spot Market in the third quarter of 2024, subject to regulatory approval. John Palmer, the President of Cboe Digital, will transition to Head of U.S. Derivatives Market Development, under the leadership of Cathy Clay, EVP, Head of Global Derivatives.

Furthermore, Cboe plans to transfer its cash-settled bitcoin and ether futures contracts, currently traded on Cboe Digital Exchange, to the Cboe Futures Exchange in the first half of 2025, pending regulatory review and corporate approvals.

Fred Tomczyk, Chief Executive Officer of Cboe, stated: "Refocusing our digital asset business enables us to refine our strategy, leveraging our core strengths in derivatives, technology excellence and product innovation to help maximize opportunities for our business and deliver efficiencies for Cboe and our clients. We believe these changes enable greater optimization and strategic alignment for our business across geographies and asset classes, further supporting our long-term growth strategy."

In addition to these developments, Cboe previously unified its Canadian operations​ by integrating the NEO Exchange, MATCHNow alternative trading system (ATS), and other regulated Canadian entities into one corporate entity under Cboe Canada.