SEC approves Cboe to list binary options on Coinbase and MARA metrics

The SEC approved rules for Cboe to list binary options based on Coinbase's trading volume and Bitcoin miner MARA's production. Once these contracts expire and settle, any subsequent corrections to reported figures will not affect payouts. The order, dated Oct. 13, 2026, was published on Oct. 16. As of Oct. 17, trading availability for specific Coinbase and MARA series, as well as eligibility for Robinhood customers, remained unconfirmed. Eligible metrics include Coinbase's transaction revenue, subscription and services revenue, and total trading volume, while MARA's metrics include Bitcoin produced and total Bitcoin holdings. The settlement process uses the designated metric for the reporting period in the company's SEC filing. Cboe determines the metric and reporting period when listing the option, establishing a figure for resolution. A call option pays out if the reported figure meets or exceeds the contract's threshold, while a put pays if it falls below. The standard gross payout is 1 dollar, subject to adjustments. The restatement provision ensures that any later corrections do not alter the settlement value. A delayed disclosure can postpone settlement processing, but trading stops on the scheduled expiration date. Alternative clearing procedures may be triggered if a metric is unavailable, potentially using the last closing price for settlement. Cboe announced plans for an October rollout across 23 companies, with Robinhood as the first retail broker, pending regulatory approval.

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