Cboe to launch binary options tied to Coinbase, Robinhood and MARA metrics in U.S.

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Cboe launches binary options

Highlights

Cboe Global Markets received SEC approval on Oct. 13 to list binary options tied to KPIs of 23 U.S. public companies, including Coinbase, Robinhood, and MARA Holdings.
The contracts, cash-settled and European-style, allow bets on company metrics exceeding preset thresholds and will settle using SEC filing data rather than earnings reports.
Cboe aims to launch the products this month pending Cboe Clear U.S. registration, with Robinhood expected to offer them first to retail investors, expanding crypto-equity trading options.

SEC approval clears path for KPI-based contracts

As reported by CoinDesk, the U.S. Securities and Exchange Commission has approved the listing of binary options tied to key performance indicators of 23 publicly traded U.S. companies, under a rule change filed by Cboe Global Markets and detailed in a statement dated Oct. 13.

The contracts are cash-settled and European-style, meaning they can only be exercised at expiration. They will settle against figures disclosed in companies' SEC filings rather than numbers presented in earnings materials.

Among the crypto-related names included are Coinbase Global, Robinhood Markets and MARA Holdings. The contracts let traders take a yes-or-no position on whether a company metric, such as Coinbase trading volume, exceeds a preset threshold by a specified date.

Crypto market relevance and rollout timeline

Cboe plans to list the contracts this month, while Robinhood is expected to be the first brokerage to make them available to retail investors. Trading cannot begin until Cboe Clear U.S. receives provisional registration, and a separate application remains pending.

SEC Chairman Paul Atkins says the approval does not apply to similarly structured contracts overseen by the Commodity Futures Trading Commission, including products on prediction market platform Kalshi. He says jurisdictional disputes between agencies have slowed innovation for decades, and describes the decision as reflecting a new spirit of harmony, innovation and investor choice.

For the crypto sector, the structure opens another route for investors to trade the performance of crypto-exposed equities without relying solely on bitcoin's price. The development comes as traders continue to track bitcoin above $80,000 following recent U.S. inflation data, with analysts still pointing to constructive market momentum after the token holds its 50-day simple moving average support this week.

In our earlier coverage of the S&P 500’s push toward 8,000, we highlighted how investors were looking to third-quarter earnings to justify stretched valuations amid higher oil prices, elevated Treasury yields, and political uncertainty. That piece also emphasized concentration and breadth risks—despite index strength, many stocks were below their 50-day moving averages—showing why traders have been increasingly focused on company-specific results and measurable performance metrics.

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