SEC Approves Cboe Binary Options On Coinbase, MARA Metrics

The U.S. Securities and Exchange Commission approved rules allowing Cboe to list binary options tied to Coinbase’s trading activity and MARA’s Bitcoin production. A correction to a company’s reported figure after an option has expired and settled will not change the payout.

The SEC order is dated Oct. 13, 2026, and was published in the Federal Register on Oct. 16. The eligible Coinbase metrics include total trading volume, transaction revenue, and subscription and services revenue. MARA contracts may use Bitcoin produced or total Bitcoin holdings.

Cboe will select the metric and reporting period when it lists each contract. Settlement will generally use the figure in the company’s earnings-related filing with the SEC. A call pays when the figure meets or exceeds its threshold. A put pays when the figure falls below it. The standard gross payout is $1, subject to the contract’s price, trading costs and settlement adjustments.

A later restatement will not change a settled option’s value. An option that settled without a payout will not later become profitable if a revised figure crosses the threshold. A payment already made will not be reversed because of a correction.

A delayed company filing may postpone settlement processing while the clearinghouse waits for the relevant figure. Trading will end on the scheduled expiration date, which will not be extended. If the figure does not become available, Cboe Clear U.S. may use alternative procedures, including the option’s last closing price as the settlement amount.

If no closing price is available or Cboe Clear U.S. considers it unreliable, the option may expire unexercised and worthless. That result differs from the standard all-or-nothing payout based on the company’s reported figure.

The approval does not confirm that specific Coinbase or MARA option series are available for trading. Their availability and eligibility for Robinhood customers remained unconfirmed as of Oct. 17. Cboe announced plans on Sept. 30 for an October rollout covering 23 companies, with Robinhood identified as the first retail broker at launch, subject to regulatory and clearing approvals. An Oct. 8 update repeated the conditional plan.

Cboe also committed to waiting for applicable Cboe Clear U.S. filings and documents to be approved or become effective after SEC review before listing the options.