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Illustration: Sarah Grillo/Axios

The Chicago Board Options Exchange (Cboe) has agreed to acquire ErisX, a crypto derivatives and spot market. Cboe invested in ErisX back in 2018.

Why it matters: The move underscores the increasing institutional interest in cryptocurrency investments.

Details: A group, including DRW, Fidelity Digital Assets, Galaxy Digital, Interactive Brokers, NYDIG, Paxos, Robinhood, Virtu Financial and Webull have agree to advise Cboe as part of a committee, and some participants also intend to acquire minority stakes in Cboe Digital (the ErisX rebrand).

The bottom line: "Cboe was among the first companies to try listing bitcoin futures in the U.S., taking its cash-settled futures product live at the end of 2017 just days before CME launched a similar product. ... 'That was an early entry and looking back at it, it was, it was a good entry ... we tend to iterate on products and usually the first iteration of a product is not perfect,' [Cboe COO Chris] Isaacson said." — Nikhilesh De, Coindesk

Go deeper

Bitcoin-based ETF launch marks crypto's new headway in U.S. markets

Illustration: Shoshana Gordon/Axios

Cryptocurrencies made new headway into mainstream U.S. markets today with the launch of a bitcoin-based ETF on the New York Stock Exchange.

Why it matters: The ProShares Bitcoin Strategy ETF, ticker symbol BITO, is the first-ever ETF that gives investors exposure to bitcoin — without needing those investors to actually hold the digital coin.

Updated 3 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.

Updated 7 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.