SEC Approves Cboe Binary Options on Coinbase and MARA Metrics

On October 13, the Securities and Exchange Commission voted to approve a new derivatives product on Cboe Exchange: binary options tied to key performance indicators (KPIs) of 23 U.S.-listed companies. The list includes Coinbase, Marathon Digital (MARA), Robinhood, Apple, Nvidia, and Tesla. The SEC order was published in the Federal Register on October 16.

Details

The contracts settle against figures disclosed in each company's SEC filings — 10-Q and 8-K reports. For Coinbase, eligible metrics include transaction revenue, subscription and services revenue, and total trading volume. For Marathon Digital, the contracts track bitcoin production and total holdings. Call options pay $1 when a reported metric meets or exceeds the threshold; put options pay when figures fall below.

A notable feature is restatement protection: if a company revises its numbers after a contract's settlement date, the payout remains unchanged. This removes uncertainty that can affect equity options indirectly through restatement-driven stock moves. If a company delays disclosure, settlement is postponed — but trading stops on the scheduled expiration date regardless. If metrics remain unavailable, contracts expire at their final closing price.

Robinhood is named as the first retail broker to offer the new contracts, pending applicable clearinghouse approvals.

What This Means for Markets

The product creates a new way to take a directional position on crypto-company performance without buying equity. For traders, it enables precise bets or hedges around quarterly earnings of Coinbase and MARA — companies whose revenues closely track bitcoin price. The approval extends Cboe's product lineup into the intersection of traditional finance and crypto, reflecting continued regulatory openness under SEC Chair Paul Atkins.