The New York Stock Exchange's parent company, Intercontinental Exchange (ICE), is promoting its Digital Trust platform to capture a share of the $184 billion crypto exchange-traded fund custody market. ICE released a white paper this week highlighting its NYDFS-regulated custody business, which features offline cold storage, multi-step approvals, and manual transaction reviews. ICE acquired the digital asset custody business in May 2025. The company positions custody as a strategic pillar of the digital asset economy, as every spot Bitcoin or Ethereum ETF requires a qualified custodian to hold underlying assets securely. The crypto custody industry is projected to grow from approximately $3.7 billion in 2026 to $7.7 billion by 2032. The push comes as Morgan Stanley announced Ethereum and Solana ETF launches on NYSE Arca this week.

Intercontinental Exchange shares fell during the second quarter of 2026 as investors worried about potential regulatory changes introducing new competition in areas like perpetual futures, according to Janus Henderson Global Sustainable Equity Fund's investor letter. The financial services company's stock was further pressured by concerns about AI disruption in financial data businesses and weakness in its mortgage technology division as expectations for lower interest rates were pushed back. On 15 July 2026, ICE closed at $139.84 per share with a market capitalisation of $79.08 billion. However, Janus Henderson believes these concerns may be overstated, noting that ICE maintains strong competitive advantages across proprietary fixed income pricing data, regulated exchange infrastructure, and mortgage technology. The company reported record net revenues of $3 billion in the first quarter of 2026, up 20% year-over-year.

Intercontinental Exchange has announced plans to launch GPU compute futures tied to the COIL Index, alongside new contracts linked to central bank decisions and US natural gas storage. The partnership with NATIVX marks ICE's expansion into AI-linked and macro event futures. Despite the new product launches, ICE's share price has fallen 15.6% year to date, with one-year total shareholder return declining 24.7%. The stock currently trades at $135.11 against a fair value estimate of $193.13, suggesting a potential 30% undervaluation based on an 8.35% discount rate. However, valuation signals are mixed. Whilst analyst targets frame ICE as materially undervalued, the exchange trades at approximately 19.5 times earnings versus a fair ratio of 16.7 times. This sits below the US capital markets average of 40.9 times and peer average of 28.4 times.