The US Securities and Exchange Commission (SEC) has approved a proposal which allows Cboe Exchange to offer binary options based on the performance of 23 publicly traded companies including crypto exchange Coinbase, Bitcoin miner MARA Holdings and trading platform Robinhood. The commission announced the decision on October 13, 2026.
🚨NEW: The SEC has approved @Cboe to list binary options tied to KPIs (key performance indicators) reported by public companies, including @coinbase, @RobinhoodApp and @MARA.
The contracts let traders take yes/no positions on metrics like Coinbase trading volume, Marathon’s BTC production and Robinhood’s customer and revenue numbers.
Robinhood is expected to be the first retail broker to offer them.
For crypto, this creates a new way to trade crypto-linked company performance beyond betting directly on $BTC’s price. The SEC approved this specific securities-options structure, while leaving room for differently structured contracts to fall under CFTC jurisdiction.
@SECPaulSAtkins called it “a new spirit of harmonization, innovation, and investor choice.”
— Eleanor Terrett (@EleanorTerrett) October 14, 2026
According to the statement, the products will give traders a chance to take a yes/no position on a set of particular criteria related to a company’s performance instead of buying a stock, options or futures. However, the trading has not started as it will only commence once a launch date is announced. Binary options are financial derivatives in which the writer receives a predetermined profit if the condition is met.
The contract condition will involve a set of criteria based on a company’s performance, such as revenue, number of Bitcoins mined or another metric. For instance, a trader can wager on whether the revenue of the crypto exchange Coinbase will reach a particular value or not. A similar contract can be made on whether MARA will manufacture a specific number of Bitcoins or not.
Source: cboe.com
Binary options contracts will include several criteria based on a company’s performance. In case of Coinbase, the conditions will comprise revenue per share, total revenue, volume, and subscription-related revenue.
On the other hand, the MARA binaries will involve Bitcoin mined, Bitcoin holdings, blocks won, and mining hash-rate. The conditions for the Robinhood options contracts will be revenue, funded customers, average revenue per customer, and gold subscribers.
The proposed binary options will settle in cash and be based on the numbers published in a company’s reports by the SEC. Moreover, the contracts will involve an expiration date, unlike the perpetual futures.
Source: sec.gov
Paul Atkins, the SEC chair, stated that the products will be subject to the exchange rules regarding margins and trading halts. In his comments, he added that the decision does not resolve the issue of the SEC’s jurisdiction over the Bitcoin or crypto products in general, which is currently contested by the Commodity Futures Trading Commission.
Cboe and Robinhood have stated their intention to offer the contracts through the latter’s brokerage, where it will be the first trading platform to provide such derivatives. Nevertheless, the process of clearing, and other necessary approvals should be completed for the launch to happen. The SEC’s decision grants traders an opportunity to wager on the performance of a company without having to purchase its stock or crypto. It will be interesting to see if such a product will gain traction ahead of its launch.
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