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CBOE

Edward T. Tilly

Chairman and Chief Executive Officer

John F. Deters

Executive Vice President, Chief Strategy Officer

Greg Hoogasian

Executive Vice President, Chief Regulatory Officer

David Howson

Executive Vice President, Global President, CGM

Chris Isaacson

Executive Vice President, Chief Operating Officer

Brian N. Schell

Executive Vice President, Chief Financial Officer and Treasurer

Patrick Sexton

Executive Vice President, General Counsel and Corporate Secretary

Chairman and Chief Executive Officer and Director

Eugene S. Sunshine

Lead Director

William M. Farrow III

Director

Edward J. Fitzpatrick

Ivan K. Fong

Janet P. Froetscher

Jill R. Goodman

Alexander J. Matturri

Jennifer J. McPeek

Roderick A. Palmore

James E. Parisi

Joseph P. Ratterman

Jill E. Sommers

Fredric J. Tomczyk

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About CBOE

Cboe Global Markets (BATS:CBOE) Stock, Quote.Headers.trade-ideas

Cboe Global Markets

NASDAQ

CBOE Holdings

Cboe global Markets, Inc is a provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The Company is committed to operating a trusted, inclusive global marketplace, and to providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific.

Screenshot 2024-10-04 at 5.37.14 PM

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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

News

COIN

Franklin Templeton aims to offer a new index ETF that tracks the performance of Bitcoin and Ethereum, with BNY Mellon as custodian and Coinbase as custodian for the tokens.

Franklin Templeton Seeks SEC Approval For Dual Bitcoin, Ethereum Index ETF

Screenshot 2024-09-19 at 5.36.36 PM

Markets

Guarding Against Uncertainty: How Cboe&#39;s Buffer Protection Indices Mitigate Investment Drawdowns

Cboe Global Markets Inc

CBOE GLOBAL MARKETS ORD

RBC Capital analyst Ashish Sabadra reiterates Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Sector Perform and maintains $220 price target.

Price Target

Reiteration

Analyst Ratings

RBC Capital Reiterates Sector Perform on Cboe Global Markets, Maintains $220 Price Target

Franklin Templeton, a multi-trillion dollar asset management firm, has filed for a new <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">exchange-traded fund</a> (ETF) that would provide exposure to both Bitcoin and Ethereum.
According to an application with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the firm <a href="https://www.sec.gov/files/rules/sro/cboebzx/2024/34-101233.pdf">aims</a> to offer investors a single product that tracks the performance of the two largest cryptocurrencies by market capitalization.
<h3 class="wp-block-heading">A New Index ETF On The Horizon</h3>
The Oct. 2 filing reveals Franklin Templeton&#8217;s intention to launch an index fund that encompasses both Bitcoin and Ethereum. An index fund typically tracks the performance of a collection of assets—such as stocks, bonds, or cryptocurrencies—enabling investors to gain exposure to these assets without directly owning them. 
In this case, the proposed ETF would specifically target Bitcoin and Ethereum, allowing investors to benefit from the movement of these leading cryptocurrencies.
If approved, the new Franklin Templeton Bitcoin and Ethereum Crypto Index ETF will be traded on the Chicago Board Options Exchange (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>).
Bank of New York Mellon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>), one of the largest custodians in the United States, is set to handle the fund&#8217;s cash and cash equivalents, while Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) will act as the custodian for the Bitcoin and Ethereum tokens within the fund.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41163889/save-ross-ulbricht-how-donald-trump-got-interested-in-the-imprisoned-silk-road-founder">&#8216;Save Ross Ulbricht!&#8217; How Donald Trump Got Interested In The Imprisoned Silk Road Founder</a>
A notable aspect of this offering is that the fund will be sold in large increments, specifically in blocks of 50,000 shares. 
The product's Net Asset Value (NAV) will be used to determine the share price. Additionally, the index fund will be benchmarked against the CF Institutional Digital Asset Index, which tracks the market performance of both Bitcoin and Ethereum.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
<h3 class="wp-block-heading">Expanding Franklin Templeton&#8217;s Crypto Reach</h3>
This filing marks a potential expansion of Franklin Templeton's involvement in the cryptocurrency space. 
The asset manager already provides clients with exposure to spot Bitcoin and <a href="https://www.benzinga.com/money/what-is-ethereum-etf#:~:text=A%20Spot%20Ethereum%20ETF%20could,stable%20prices%20and%20reduced%20volatility.">Ethereum ETFs</a>, highlighting its ongoing interest in broadening its crypto-based offerings.
Interestingly, this ETF filing comes just hours after Franklin Templeton announced a collaboration with the Aptos Foundation to launch its on-chain U.S. Government Money Market Funds (FOBXX). 
This product gives investors access to FOBXX through the purchase of the BENJI (CRYPTO: BENJI) token, showcasing the firm's diversified approach to integrating blockchain technology into traditional finance products.
<h3 class="wp-block-heading">BNY Mellon&#8217;s Role In The ETF</h3>
Bank of New York Mellon is poised to play a significant role in this potential ETF, as the institution will receive its first ETF custody duties following a non-objection letter from the SEC.
This regulatory clearance allows BNY Mellon to hold digital assets, with an initial focus on Bitcoin and Ethereum ETFs. 
While this exemption was granted with certain conditions, SEC Chairman Gary Gensler has indicated that BNY Mellon could expand its digital asset custody services if it adheres to specific guidelines.
For those interested in the intersection of traditional finance and digital assets, Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on November 19 will provide further insights and discussions with industry experts.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41161014/trump-vs-harris-who-do-voters-trust-more-to-handle-crypto-policies">Trump Vs. Harris: Who Do Voters Trust More To Handle Crypto Policies?</a></li>
</ul>
Image: Shutterstock

Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) has outperformed the market over the past 10 years by 3.15% on an annualized basis producing an average annual return of 14.58%. Currently, Cboe Global Markets has a market capitalization of $21.99 billion. 
Buying $1000 In CBOE: If an investor had bought $1000 of CBOE stock 10 years ago, it would be worth $3,861.26 today based on a price of $210.13 for CBOE at the time of writing.
<h3>Cboe Global Markets's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727807557_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

$1000 Invested In Cboe Global Markets 10 Years Ago Would Be Worth This Much Today

RBC Capital analyst Ashish Sabadra initiates coverage on Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Sector Perform rating and announces Price Target of $220.

Initiation

RBC Capital Initiates Coverage On Cboe Global Markets with Sector Perform Rating, Announces Price Target of $220

TD Cowen analyst Bill Katz initiates coverage on Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Hold rating and announces Price Target of $205.

TD Cowen Initiates Coverage On Cboe Global Markets with Hold Rating, Announces Price Target of $205

The Swiss stock exchange SIX is exploring the possibility of establishing a cryptocurrency trading <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40900757/not-blackrock-but-revolut-and-robinhood-will-infuse-new-life-into-defi-expert-says">platform in Europe</a>, aiming to compete with established digital asset firms like Binance, OKX and Coinbase.
What Happened: The move reflects growing institutional interest in digital assets, particularly as traditional investors seek a reputable and regulated environment to trade cryptocurrencies.
Bjørn Sibbern, the global head of exchanges at SIX Group, highlighted the increasing acceptance of crypto as a legitimate asset class. 
"Crypto has become more and more a recognized asset class," Sibbern <a href="https://www.ft.com/content/edcd0f00-71b1-4335-8eba-78c214cbc377">told</a> the Financial Times.
He explained that SIX is considering building a platform to facilitate both spot and derivatives crypto trading. 
This initiative could capitalize on Switzerland's robust regulatory framework for digital assets, positioning it as a key player in the European market.
While some traditional finance institutions have been cautious about entering the crypto space due to regulatory uncertainties and concerns about reputational risks, a few prominent firms have ventured into the sector. 
For instance, Deutsche Boerse, Nomura and Standard Chartered have launched their own crypto exchanges, often separate from their core operations.
However, not all efforts have succeeded. 
CBOE Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) closed its spot crypto exchange earlier this year, citing unclear regulations, and CME Group explored Bitcoin trading but has since shelved those plans.
The approval of spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission earlier this year has sparked increased interest from both retail and institutional investors. 
This influx has raised expectations that more investors will seek to trade cryptocurrencies directly. 
Although Bitcoin's price has dipped from its all-time high of $72,000 to around $60,000, it remains up by 40% this year, showing resilience in the market.
Switzerland has emerged as one of Europe's most crypto-friendly nations, boasting comprehensive laws around the trading and custody of digital assets. 
These regulations provide clarity on the classification of various types of tokens, something many other countries have yet to implement.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40910353/bitcoin-surges-5-3-ahead-of-feds-key-rate-decision-this-cut-could-cause-uncertainty">Bitcoin Surges 5.3% Ahead Of Fed&#8217;s Key Rate Decision: This Cut Could &#8216;Cause Uncertainty&#8217;</a>
This regulatory advantage could make Switzerland an attractive hub for institutional crypto trading.
Sibbern noted that SIX is evaluating multiple avenues for growth in Europe, with crypto being a potential addition.
 "We are looking at other ways for us to expand in Europe and as a part of that, we are also looking at [whether] crypto should be a part of it," he said, emphasizing that the platform would target institutional investors, such as asset managers. He further added, "We see the trend that more and more global banks and institutions are looking at crypto."
SIX already operates a crypto derivatives platform, AsiaNext, based in Singapore in partnership with Japan's SBI Group. 
Sibbern mentioned that the company is contemplating a similar initiative in Europe, although the project is still under evaluation. 
"We are looking at should we do something similar in Europe," Sibbern said, acknowledging that the company might ultimately decide not to proceed with the venture.
In addition to exploring crypto trading, SIX operates a separate digital exchange, which has seen the listing of nine digital bonds since 2018, with issuers including UBS and the city of Lugano. 
Sibbern indicated that this digital exchange could potentially be expanded to encompass cryptocurrency trading as well, marking a significant evolution for the Swiss group.
This exploration into cryptocurrency trading comes at a time when SIX's traditional exchanges have experienced notable successes, hosting two of Europe's largest IPOs this year — Spanish beauty company Puig and dermatology firm Galderma.
As the digital asset space continues to evolve, industry stakeholders are gearing up for Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where experts and institutional players will gather to discuss the latest trends and developments in the crypto landscape.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">Donald Trump&#8217;s New Crypto Project World Liberty Financial: Everything You Need To Know</a></li>
</ul>
Image: Shutterstock

$BTC

$ETH

Swiss Stock Exchange Explores Crypto Trading Platform In Europe

Designed to provide broad exposure to the Financials - Broad segment of the equity market, the Invesco S&amp;P 500 Equal Weight Financials ETF (ARCA:RSPF) is a passively managed exchange traded fund launched on 11/01/2006.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.
<h2>Index Details</h2>
The fund is sponsored by Invesco. It has amassed assets over $271.83 million, making it one of the average sized ETFs attempting to match the performance of the Financials - Broad segment of the equity market. RSPF seeks to match the performance of the S&amp;P 500 EQUAL WEIGHT FINANCIALS INDEX before fees and expenses.
The S&amp;P 500 Equal Weight Financials Index equally weights stocks in the financial sector of the S&amp;P 500 Index.
<h2>Costs</h2>
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.40%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.41%.
<h2>Sector Exposure and Top Holdings</h2>
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund&#39;s holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.
Looking at individual holdings, Cboe Global Markets Inc (BATS: <a class="ticker" href="https://www.benzinga.com/stock/cboe#BATS">CBOE</a>) accounts for about 1.60% of total assets, followed by Truist Financial Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tfc#NYSE">TFC</a>) and Globe Life Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gl#NYSE">GL</a>).
The top 10 holdings account for about 15.42% of total assets under management.
<h2>Performance and Risk</h2>
So far this year, RSPF has gained about 14.40%, and is up about 29.31% in the last one year (as of 09/12/2024). During this past 52-week period, the fund has traded between $48.10 and $68.77.
The ETF has a beta of 1.05 and standard deviation of 13.82% for the trailing three-year period. With about 72 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
Invesco S&amp;P 500 Equal Weight Financials ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, RSPF is a great option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
Vanguard Financials ETF (ARCA:VFH) tracks MSCI US Investable Market Financials 25/50 Index and the Financial Select Sector SPDR ETF (ARCA:XLF) tracks Financial Select Sector Index. Vanguard Financials ETF has $9.80 billion in assets, Financial Select Sector SPDR ETF has $43.50 billion. VFH has an expense ratio of 0.10% and XLF charges 0.09%.
<a href="https://www.zacks.com/stock/news/2335011/should-you-invest-in-the-invesco-s-p-500-equal-weight-financials-etf-rspf?cid=CS-BENZ-FT-sector_etf-2335011">To read this article on Zacks.com click here.</a>

Large Cap

Mid Cap

Sector ETFs

Dividends

ETFs

RSPF

Should You Invest in the Invesco S&P 500 Equal Weight Financials ETF?

BofA Securities analyst Craig Siegenthaler downgraded CME Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) to Underperform from Neutral, <a target="_blank" href="https://www.benzinga.com/quote/CME/analyst-ratings" rel="noreferrer noopener">lowering the price target from&nbsp;$212&nbsp;to&nbsp;$177.</a>
The company now faces competition on three fronts from BGC Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>), Cboe Global Markets, Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), and Intercontinental Exchange Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>). This intensifying rivalry could result in market share losses and pricing pressures, the analyst cautions.
The analyst projects CME to reduce its pricing on interest rate futures by over 10% as a defensive strategy, given the imminent launch of BGC&#8217;s FMX Futures Exchange.
Additionally, the analyst forecasts a 15% CAGR for CBOE&#8217;s index options volume through 2026, predicting that options will increasingly replace CME&#8217;s equity futures.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40686478/alphabet-to-190-here-are-10-top-analyst-forecasts-for-tuesday" rel="noreferrer noopener">Alphabet To $190? Here Are 10 Top Analyst Forecasts For Tuesday</a>
Due to its defensive nature, CME significantly benefited from the VIX surge in August, presenting a compelling entry point.
After weak U.S. employment data reignited fears of a hard landing, the VIX spiked 34% to an average of 19 in August, up from 14 the previous month. This drove CME&#8217;s strongest trading volumes since the start of the COVID-19 pandemic, with August volumes rising 28% month-over-month, particularly in financial futures.
Consequently, CME&#8217;s stock outperformed all sectors in our coverage as well as the S&amp;P 500. While the analyst projects that volatility will stay relatively high through the U.S. election season, the analyst sees downward normalization throughout 2025, making the second half of 2024 an ideal time to consider an Underperform rating.
Price Action: CME shares are trading lower by 1.77% to $211.92 at last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40692573/whats-going-on-with-xpeng-shares-today" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With XPeng Shares Today?</a></li>
</ul>

Analyst Color

Equities

Downgrades

General

CME Group Downgraded: Analyst Sees Cutthroat Competition From BGC Group, Cboe Global & Intercontinental Exchange

The SEC has reportedly raised questions about whether Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) should be classified as a security, potentially leading to a halt in filings related to its exchange-traded funds.
What Happened: The SEC held discussions with ETF applicants and communicated concerns over Solana&#8217;s status as a security, as reported by <a href="https://www.theblock.co/post/311937/sec-talks-etf-issuers-concerns-solana-security-source?utm_source=twitter&amp;utm_medium=social">The Block</a> on Monday. 
After these discussions, the SEC and exchange operator Cboe Global Markets Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) decided not to submit the 19b-4 forms to the Federal Register, which would have started the approval process. This action prevents the SEC from being pressured to make decisions about the prospective Solana ETFs.
The SEC didn&#8217;t immediately respond to Benzinga&#8217;s request for comment on the matter. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40402896/donald-trump-now-10-points-behind-vice-president-kamala-harris-in-the-election-odds-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Now 10 Points Behind Vice President Kamala Harris In The Election Odds, Prediction Market Data Shows</a>
Why It Matters: Over the weekend, it was observed that the 19b-4 filings, typically submitted by exchanges on behalf of issuers, are no longer <a href="https://www.cboe.com/us/options/regulation/rule_filings/">visible </a>on the Cboe website. 
The filing of the 19b-4 document was the second step in getting ETFs greenlighted, following the submission of S-1 documents by VanEck and 21Shares in late June.
Amid the speculations, Matthew Sigel, the Head of Digital Assets Research at&nbsp;VanEck, lent support to SOL, stating that the asset manager considers SOL a commodity, like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For the record, VanEck believes SOL is a commodity, much like BTC and ETH. This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like…
&mdash; matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1825630564407267779?ref_src=twsrc%5Etfw">August 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Earlier this month, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40263194/solana-spikes-to-160-as-brazil-approves-first-solana-etf-sol-should-gain-100-on-ethereum-i">Brazil approved its first-ever Solana ETFs</a>, paving the way for mainstream investors to gain exposure to the price moves of the world&#8217;s fifth-largest cryptocurrency.
Price Action: At the time of writing, SOL was unaffected, rising 2.72% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40447771/kamala-harris-may-reportedly-nominate-sec-chair-gary-gensler-as-treasury-secretary-if-elec?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris May Reportedly Nominate SEC Chair Gary Gensler As Treasury Secretary If Elected</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

$SOL

Solana A Security? SEC Concerns Reportedly Led To Pause In ETF Filing Process

<ul>
<li>Increases share repurchase authorization by $500 million</li>
<li>Increased quarterly cash dividend to $0.63 per share</li>
<li>14th consecutive year Cboe has increased its dividend</li>
</ul>
CHICAGO, Aug. 16, 2024 /PRNewswire/ --&nbsp;Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its Board of Directors has authorized the company to repurchase up to an additional $500 million of its outstanding common stock and declared an increased quarterly cash dividend of $0.63 per share of common stock for the third quarter of 2024.
The increased third-quarter 2024 dividend, representing a 15 percent increase from the prior quarter's dividend of $0.55 per share, is payable on September 13, 2024, to stockholders of record as of August 30, 2024.
As of July 31, 2024, the Company had $179.8&nbsp;million of availability remaining under its existing share repurchase authorizations.

Buybacks

Cboe Global Markets Announces Increase in Share Repurchase Authorization By $500M; Increased Quarterly Cash Dividend From $0.55 To $0.63 Per Share

Deutsche Bank analyst Brian Bedell maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Hold and raises the price target from $186 to $205.

Deutsche Bank Maintains Hold on Cboe Global Markets, Raises Price Target to $205

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) options traders have welcomed the Chicago Board Options Exchange (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) withdrawing and resubmitting its application to list options on <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">spot Bitcoin ETFs.</a>
What Happened: This development, while initially appearing like a setback, is being interpreted by industry analysts as a positive sign of potential engagement from the Securities and Exchange Commission (SEC).
&#8220;Just as &#8216;comments from the SEC&#8217; was a good sign in our ETF approval odds, we think this is a good sign here too,&#8221; <a href="https://x.com/EricBalchunas/status/1821693477228286263">tweeted</a> Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, echoing a sentiment shared by many.
The logic behind this optimism is that if the SEC intended to outright deny the application, there would be little point in further discussion.
James Seyffart, another prominent ETF analyst, first reported the news on X (formerly Twitter), <a href="https://x.com/JSeyff/status/1821691941257433234">stating</a>, &#8220;There&#8217;s definitely some movement on Bitcoin ETF options. CBOE just withdrew their application for options on spot Bitcoin ETFs. Which sounds like a bad thing at first&#8230; But at the same time they just re-filed a brand new and updated application.&#8221;
However, it&#8217;s important to note that this is not the final hurdle. While CBOE&#8217;s refiling suggests positive interaction with the SEC, other approvals are still needed. &#8220;I don&#8217;t know if I jinxed it or what,&#8221; Seyffart later <a href="https://x.com/JSeyff/status/1821641289797943365">tweeted</a>, &#8220;But three exchanges have withdrawn their applications to list the spot Bitcoin ETF options since I tweeted this.&#8221;
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40283775/anthony-scaramucci-thinks-crypto-industrys-virtual-meeting-with-democrats-was-encouraging-">Anthony Scaramucci Thinks Crypto Industry&#8217;s Virtual Meeting With Democrats Was &#8216;Encouraging,&#8217; Despite Reportedly Heated Exchanges</a>
He emphasized that the key applications to watch are from major exchanges like Nasdaq, NYSE and CBOE for listing the underlying ETFs themselves.
Despite the remaining steps, analysts remain optimistic about the timeline. 
&#8220;We think the Bitcoin ETF options happen in 4th quarter this year,&#8221; Seyffart <a href="https://x.com/JSeyff/status/1821627790065799634">concluded</a>. &#8220;Final deadline for SEC decision is ~Sept. 21 but there&#8217;s more steps needed after that from OCC &amp; CFTC.&#8221;
What&#8217;s Next: This development underscores the growing interest in Bitcoin-related investment products, with options offering a way to manage risk and potentially profit from Bitcoin&#8217;s price movements.
For those interested in learning more about the future of digital assets and the potential impact of Bitcoin ETF options, Benzinga&#8217;s upcoming<a href="https://www.benzinga.com/events/digital-assets/agenda/"> Future of Digital Assets</a> event on Nov. 19 promises to be a valuable resource.
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Image: Shutterstock

CBOE Refiles Application For Bitcoin ETF Options, Signaling Potential SEC Engagement

Barclays analyst Benjamin Budish maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Overweight and raises the price target from $194 to $218.

Barclays Maintains Overweight on Cboe Global Markets, Raises Price Target to $218

Oppenheimer analyst Owen Lau maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Outperform and raises the price target from $199 to $209.

Oppenheimer Maintains Outperform on Cboe Global Markets, Raises Price Target to $209

Keefe, Bruyette &amp; Woods analyst Kyle Voigt maintains Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Market Perform and raises the price target from $197 to $198.

Keefe, Bruyette & Woods Maintains Market Perform on Cboe Global Markets, Raises Price Target to $198

Piper Sandler analyst Patrick Moley reiterates Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) with a Overweight and raises the price target from $203 to $210.

Piper Sandler Reiterates Overweight on Cboe Global Markets, Raises Price Target to $210

JP Morgan analyst Kenneth Worthington upgrades Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) from Underweight to Neutral and raises the price target from $168 to $195.

Upgrades

JP Morgan Upgrades Cboe Global Markets to Neutral, Raises Price Target to $195

2024 Fiscal&nbsp;Year Financial&nbsp;Guidance
Cboe provided&nbsp;guidance&nbsp;for the 2024 fiscal year as noted below.
<ul>
<li>Organic total net revenue growth&nbsp;is expected to be in the range of 6 to 8 percentage points, up from previous&nbsp;guidance&nbsp;calling for the higher end of 5 to 7 percentage points in 2024.</li>
<li>Anticipates lower end of organic net revenue1&nbsp;growth range from Data and Access Solutions of 7 to 10 percentage points in 2024.</li>
<li>Reaffirms adjusted operating expenses&nbsp;in 2024 are expected to be in the range of&nbsp;$795&nbsp;to&nbsp;$805 million. The&nbsp;guidance&nbsp;excludes the expected amortization of acquired intangible assets of&nbsp;$92 million; the company reflects the exclusion of this amount in its non-GAAP reconciliation.</li>
<li>Reaffirms depreciation and amortization expense for 2024 is expected to be in the range of&nbsp;$43&nbsp;to&nbsp;$47 million, excluding the expected amortization of acquired intangible assets.</li>
<li>Reaffirms minority investments are expected to contribute a&nbsp;$37&nbsp;to&nbsp;$43 million&nbsp;benefit in 2024 to non-operating (expenses) income. Anticipates that&nbsp;$33&nbsp;to&nbsp;$37 million&nbsp;of the benefit will come in the earnings on investments line and&nbsp;$4&nbsp;to&nbsp;$6 million&nbsp;through the other (expense) income, net line.</li>
<li>Reaffirms the effective tax rate on adjusted earnings1&nbsp;for the full year 2024 is expected to be in the range of 28.5 to&nbsp;30.5 percent. Significant changes in trading volume, expenses, tax laws or rates and other items could materially impact this expectation.</li>
<li>Reaffirms capital expenditures for 2024 are expected to be in the range of&nbsp;$51&nbsp;to&nbsp;$57 million.</li>
</ul>

Guidance

Cboe Global Markets Expects FY24 Net Revenue Growth Of 6%-8% (Prior 5%-7%) YoY Vs $2.065B Est

Earnings

Earnings Beats

Earnings Misses

Cboe Global Markets Q2 2024 Adj. EPS $2.15 Beats $2.10 Estimate, Sales $513.800M Miss $514.506M Estimate

<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39911348/ethereum-etfs-start-trading-and-price-discovery-is-inevitable-trader-asserts">Nine spot Ethereum ETFs</a> began trading on US exchanges Tuesday, marking another milestone in the mainstream adoption of digital assets.
What Happened: This launch comes just six months after the debut of <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39906763/bitcoin-stuck-below-67k-despite-526m-in-etf-inflows-what-is-going-on">spot Bitcoin ETFs</a> in the United States, which have already accumulated over $54 billion in assets under management.
The new ETH ETFs, offered by major financial players including BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), Fidelity, Grayscale, and others, are now available on the Cboe (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), NYSE Arca, and Nasdaq exchanges.
Grayscale&#8217;s Ethereum Mini Trust stands out with the lowest fee of 0.15% and is set to start with approximately $1 billion in assets.
In the early hours of trading, the newly launched Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs demonstrated significant market interest.
According to data from Yahoo Finance, <a href="https://www.theblock.co/post/306970/ethereum-etfs-hit-300-million-in-trading-volume-in-first-hour-of-being-live-on-the-market?utm_source=rss&amp;utm_medium=rss">analyzed</a> by The Block Pro Research, these funds collectively amassed $205 million in trading volume within the first 60 minutes.
The momentum continued, with the total volume reaching $300 million approximately 75 minutes after the market opened, at around 10:45 a.m. EST.
To put these figures into perspective, Bloomberg&#8217;s Senior ETF Analyst Eric Balchunas offered his insights on the initial trading performance.
&#8220;Here&#8217;s volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs&#8217; volume pace was on DAY ONE, altho 50% would exceed expectations IMO),&#8221; he <a href="https://x.com/EricBalchunas/status/1815767604453138738">said</a>.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Here&#39;s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what <a href="https://twitter.com/search?q=%24TLT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TLT</a> and <a href="https://twitter.com/search?q=%24EEM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$EEM</a> trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have… <a href="https://t.co/R5UgQFR1L6">pic.twitter.com/R5UgQFR1L6</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815767604453138738?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He added that the comparison excluded GBTC and if it was included the ETH ETFs do about 20% to 25% of the volume of the BTC ETFs. &#8220;Regardless, very solid showing,&#8221; he said.
Also Read: <a href="EXCLUSIVE: How AI Can Unlock The True Potential Of Web3">EXCLUSIVE: How AI Can Unlock The True Potential Of Web3</a>
What Others Said: Nathan McCauley, CEO of Anchorage Digital, hailed the launch as &#8220;a major step forward in regulatory clarity for the digital asset class.&#8221;
He emphasized that the ETF wrapper will provide a new pathway for safe and compliant exposure to Ethereum, potentially driving billions in inflows from both institutions and consumers.
Konstantin Shulga, CEO and co-founder of Finery Markets, noted the accelerated adoption rate of digital assets and increased institutional involvement. 
He pointed out that Ethereum trading volumes rose by 32% in the first half of 2024 compared to the same period in 2023 in the OTC market. 
However, Shulga cautioned that the full impact of ETF approvals may not be realized for six to nine months, as it takes time for innovative products to be fully integrated into financial players&#8217; portfolios.
Tom Duff Gordon, VP of International Policy at Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), described the approval of spot ETH ETFs as &#8220;a significant milestone in the crypto ecosystem,&#8221; highlighting the ongoing shift towards digital assets in the global financial system. 
Coinbase is serving as the custodian for 8 of the 9 newly approved ETH ETFs.
However, Sergei Gorev, risk manager at YouHodler, offered a more cautious perspective. 
He noted that despite the launch, ETH&#8217;s price dynamics appear weak, suggesting that the market may not fully believe in the great success of Ethereum ETFs. 
Gorev also pointed out the possibility of a &#8220;buy-on-hearsay and sell-on-facts&#8221; scenario, particularly given the timing of the launch during a period when many investors are on vacation.
David Ben Kay, a former advisor and member of the governing board of the Ethereum Foundation, said the launch is a step closer to broader adoption and closer integration into traditional financial markets.
This launch comes at a time of increasing institutional interest in digital assets, as Ethereum continues to solidify its position as a key player in the blockchain and decentralized finance (DeFi) sectors. 
By providing a regulated investment vehicle, investors may have a greater sense of security and compliance. 
However, due to fees and market inefficiencies the ETF price may not always perfectly track Ethereum&#8217;s spot price.
&#8220;Despite risk mitigation, Ethereum remains a volatile asset, and ETF values can fluctuate accordingly. Management fees and expenses associated with ETFs can impact overall returns compared to direct cryptocurrency holdings,&#8221; he said.
&#8220;All in all, the issuance of the spot ETH ETF is definitely a positive move in the journey of broad adoption for cryptocurrencies, but it's likely that initial adoption and market impact may be limited until there is broader acceptance and understanding of crypto ETFs,&#8221; he added.
As the cryptocurrency landscape continues to evolve rapidly with developments like these ETH ETFs, industry professionals and enthusiasts alike are eager to discuss the implications and future trends. 
What&#8217;s Next: The upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 will provide a timely platform for such discussions.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39905047/michelle-obama-for-democratic-nominee-crypto-bettors-think-her-odds-have-just-tripled">Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled</a></li>
</ul>
Image: Shutterstock

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