Coinbase Global Inc ( COIN ) shares are facing selling pressure Wednesday. The weakness in Coinbase stock appears to be due to the New York Stock Exchange’s (NYSE) newly announced collaboration with CoinDesk.

What Happened: The NYSE said it will collaborate with CoinDesk Indices to launch cash-settled index options.

The index options will track the CoinDesk Bitcoin Price Index (XBX), which is the longest-operating spot Bitcoin (CRYPTO: BTC) index. The XBX tracks the spot price of bitcoin, denominated in U.S. dollars, in real time across multiple crypto exchanges. The NYSE noted that it intends to work with CoinDesk Indices and the relevant regulatory agencies to develop specific product offerings.

"As traditional institutions and everyday investors are demonstrating their wide-ranging enthusiasm for the recent approval of spot bitcoin ETFs, the New York Stock Exchange is excited to announce its collaboration with CoinDesk Indices," said Jon Herrick, chief product officer of the NYSE.

"Upon regulatory approval, these options contracts will offer investors access to an important liquid and transparent risk-management tool."

NYSE president Lynn Martin and Tom Farley, CEO of Bullish, which is the parent of CoinDesk Indices, will be speaking about the convergence of crypto and traditional finance Wednesday at the Consensus 2024 conference in Texas.

Coinbase is the leading cryptocurrency exchange in the U.S. The company aims to update the financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending and global transfers. Coinbase also provides critical infrastructure for onchain activity.

Don’t Miss: Bitcoin Spot ETFs Reach Record $14.9B Year-To-Date Inflows On Tuesday

COIN Price Action: Coinbase shares were down 2.22% at $239.55 at the time of publication, according to Benzinga Pro.