Oppenheimer analyst Owen Lau started Cboe Global Markets with an Outperform rating and $133 price target. The analyst noted that CBOE has a "solid and scalable business model" with three key, proprietary product categories: S&P options, VIX options and VIX futures, adding that this "unique moat precludes these products from being traded on an other exchange other than CBOE's, propelling an attractive operating margin at ~65%." Lau believes the valuation is attractive, as the market underappreciates the growth potential of volatility- linked ETPs, but the analyst said that makes for a "favorable opportunity" for potential long-term investors.

Cboe Global Markets announced plans to refocus its digital asset business to leverage its core strengths in derivatives, technology and product innovation while realizing operating efficiencies for both Cboe and its clients. These changes are being made as part of Cboe's strategic review, taking into consideration the lack of regulatory clarity in the digital space. Cboe plans to transition and fully integrate its digital asset derivatives, currently offered by Cboe Digital, into its existing Global Derivatives and Clearing businesses. Additionally, the company plans to wind down operations of the Cboe Digital Spot Market, the company's spot digital asset trading platform, in Q3, subject to regulatory review. Cboe plans to transition its cash-settled bitcoin and ether futures contracts, currently available for trading on the Cboe Digital Exchange to the Cboe Futures Exchange in the first half of 2025, pending regulatory review and certain corporate approvals. This move will consolidate all Cboe U.S. futures products, including digital asset futures, onto one exchange. In addition, Cboe will maintain ownership and operation of Cboe Clear Digital, the clearing arm of Cboe Digital, and plans to align Cboe Clear Digital with Cboe Clear Europe, its European clearing house, under unified leadership. Vikesh Patel, the current President of Cboe Clear Europe, will now also oversee U.S. clearing. The company anticipates that the wind down of the Cboe Digital Spot Market operations will have an immaterial impact on Cboe's net revenue in 2024. The company estimates that expense savings will be in the range of $2M-$4M in 2024, with savings expected to be in the $11M-$15M range on a normalized annual basis.