Cboe Global Markets and S&P Dow Jones Indices have signed a 25-year extension of their exclusive licensing agreement, preserving Cboe’s rights to offer S&P 500 Index options, known as SPX, through 2051. The partnership began in 1983, when SPX options launched, and the product has become a major global instrument for gaining and managing U.S. equity exposure. Cboe said SPX trading reached a record 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts, as annual volume rose 25% for a fourth consecutive record year. The agreement also creates scope to explore products beyond traditional index derivatives, including tokenized options contracts, but neither company disclosed a product, blockchain, launch date, settlement structure or regulatory plan. The companies described the extension as a foundation for continued growth of Cboe’s SPX and VIX franchises and future-market innovation. Cboe chief executive Craig Donohue said the deal provides room to pursue emerging technologies, while S&P Dow Jones Indices chief executive Catherine Clay described the S&P 500 as the definitive barometer of U.S. equity performance and the most widely tracked index in the world. S&P DJI has previously licensed the benchmark for blockchain-based products, including Centrifuge’s SPXA tokenized index fund and a March 2026 agreement with TradeXYZ for an S&P 500 perpetual contract on Hyperliquid for eligible non-U.S. traders. Cboe’s separate crypto expansion includes cash-settled bitcoin and ether futures and bitcoin ETF index options, while its BZX exchange is seeking approval to list a spot SUI ETF. The tokenization effort also sits alongside broader traditional-finance work on on-chain infrastructure, including The Clearing House’s tokenized deposit network.