CryptoSlate
The SEC approved rules allowing Cboe to list binary options tied to Coinbase's transaction volume, transaction revenue, and subscription and services revenue, as well as MARA's Bitcoin production and total Bitcoin holdings. The order is dated Oct. 13, 2026, and appeared in the Federal Register on Oct. 16.
Each contract resolves against a specified metric and reporting period from the company's earnings-related SEC filing. A call pays when the figure meets or exceeds its threshold, while a put pays when it falls below it. The standard gross payout is $1, before the buyer's purchase price and trading costs.
Why it matters
The approval creates a regulated framework for event-style exposure to company and Bitcoin mining data, but it does not confirm that the specific Coinbase or MARA series are already trading. Cboe's rollout plan covers 23 companies and remains subject to the required Cboe Clear U.S. filings and documents becoming approved or effective. Robinhood was named as the first retail broker in the planned launch, though customer eligibility remained unconfirmed.
The rules also establish finality after settlement. If a company later restates the metric, a contract that settled without a payout does not become profitable retroactively, and an amount already paid does not change.
Market impact
A delayed filing can postpone processing, but it does not move the scheduled expiration date. If the metric will not become available, alternative clearing procedures can use the option's last closing price as the settlement amount. If that price is unavailable or Cboe Clear U.S. considers it unreliable, the option can expire unexercised and worthless.
The key watchpoints are the final listing schedule, broker access, and how often delayed or restated company data forces a contract away from its ordinary all-or-nothing settlement.
Frequently asked questions
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What metrics can the Cboe options track?
Eligible Coinbase metrics include transaction revenue, subscription and services revenue, and total trading volume. MARA metrics include Bitcoin produced and total Bitcoin holdings.
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How do the binary options determine a payout?
A call pays when the reported metric meets or exceeds its threshold, while a put pays when it falls below the threshold. The standard gross payout is $1 before purchase costs and trading fees.
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Can a later restatement change a settled option's result?
No. Once the contract has expired and settled, a later correction does not change the settlement value or create a payout for an option that settled without one.
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What happens if the earnings metric is reported late?
A delayed disclosure can postpone settlement processing while the clearinghouse waits for the metric. The scheduled expiration date does not change.
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Are Coinbase and MARA options already available to Robinhood users?
The approval does not confirm trading availability for specific Coinbase or MARA series. Robinhood was named as the first planned retail broker, but customer eligibility remained unconfirmed.
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