BREAKING: SEC Approves Yes-or-No Bets on Coinbase, MARA and Robinhood Numbers — Cboe Opens a New Crypto Trading Door
The US Securities and Exchange Commission has approved a Cboe rule change to list binary options tied to the reported business numbers of 23 public companies. The list includes crypto exchange Coinbase, Bitcoin miner MARA Holdings and trading platform Robinhood, and the approval was granted on October 13.
These are yes-or-no contracts on a single reported figure, not on a share price or on Bitcoin itself. A contract pays a fixed $1 if the figure in the company's official SEC filing meets or beats a set level, and expires worthless if it does not. The contracts are cash-settled, can only be exercised at expiry, must be fully funded, and positions are capped per expiry date.
For Coinbase, the covered numbers include total revenue, transaction revenue and trading volume. For MARA, they include Bitcoin produced, Bitcoin holdings and energized hashrate, the computing power the miner has switched on. For Robinhood, they include total net revenues, funded customers and average revenue per user. More than 100 metrics are planned for the first product list.
Trading has not started yet. Listing still depends on approval for Cboe's clearinghouse, Cboe Clear US, and no launch date had been announced as of October 15. Robinhood is expected to be the first retail broker to offer the contracts, with both Cboe and Robinhood planning no fees on them through the end of 2026. Prediction platform Kalshi had opposed the plan, arguing regulators should first clarify where SEC and CFTC authority split.
For traders, this creates a new, defined-risk way to trade the results of crypto-linked companies without buying Bitcoin directly. The most you can lose on a contract is what you paid for it, but the launch date, the final metric list and early liquidity will decide how useful the market becomes, so traders should wait for those details before planning around it.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Crypto Times, CryptoCompass, SEC
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