SEC approves Cboe binary options on Coinbase volume and MARA Bitcoin output

The US Securities and Exchange Commission has approved rules that let the options exchange Cboe list binary options tied to Coinbase trading volume and to Bitcoin miner MARA's production figures. The order is dated Oct. 13, 2026, and was published in the Federal Register on Oct. 16.

A binary option is a contract that pays a fixed amount or nothing at all, depending on whether a number meets a set threshold. Under the approved rules, once these contracts have expired and settled, a later correction to the company's reported figure will not change what is paid out.

What the contracts cover

• Coinbase metrics allowed under the rules include transaction revenue, subscription and services revenue, and total trading volume.


• MARA metrics allowed include Bitcoin produced and total Bitcoin holdings.


• Cboe chooses the metric and the reporting period when it lists each option, so every contract resolves against a specific figure.


• The standard gross payout is $1, subject to adjustments and alternative settlement rules.

How settlement is meant to work

Ordinary settlement uses the chosen metric for the specified reporting period, taken from the company's earnings-related SEC filing. A call option pays when the reported figure equals or exceeds the contract's threshold. A put option pays when the figure falls below it.

The final profit or loss for a buyer also depends on the price paid for the option and any trading costs.

Corrections after settlement do not reopen payouts

The restatement provision applies only after both expiration and settlement. If a company later revises its number across the threshold, the settlement value and the amount paid or unpaid stay the same. An option that settled with no payout does not gain one, and an amount already paid is not clawed back.

Missing or delayed figures

A delayed disclosure can postpone settlement processing while the clearinghouse waits for the metric. Trading still stops on the scheduled expiration date, which does not change.

Other cases can trigger alternative clearing procedures, including when a metric will not become available. Those procedures may use the option's last closing price as the settlement amount, which can produce a different result from the ordinary all-or-nothing payout. If the closing price is unavailable or the clearinghouse Cboe Clear U.S. judges it unreliable, the option can expire unexercised and worthless.

Planned rollout and the Robinhood link

A Cboe announcement dated Sept. 30 planned an October rollout across 23 companies, subject to regulatory approval, with Robinhood named as the first retail broker at launch. An Oct. 8 update repeated the conditional plan.

The approval record also contains Cboe's commitment to wait until the applicable Cboe Clear U.S. filings and documents are approved or effective after SEC review before listing the options.

What is confirmed

• The SEC approved rules for Cboe to list binary options on Coinbase trading volume and MARA Bitcoin production.


• The order is dated Oct. 13, 2026, and was published in the Federal Register on Oct. 16.


• Restatements after expiration and settlement do not change the amount paid or unpaid.


• Coinbase metrics covered include transaction revenue, subscription and services revenue, and total trading volume; MARA metrics include Bitcoin produced and total Bitcoin holdings.

What is still unclear

• Whether the specific Coinbase and MARA series are available to trade.


• Whether Robinhood customers are eligible.

The source states that both of these points remained unconfirmed as of Oct. 17. The October rollout across 23 companies was described as subject to regulatory approval.

Sources

• CryptoSlate