WORLDTECHSEC clears Cboe binary options on Coinbase volume and MARA output
According to CryptoSlate, the US Securities and Exchange Commission has cleared rules that allow the options exchange Cboe to list binary options tied to two company measures: Coinbase's trading volume and the Bitcoin output of miner MARA. The rules also set out how a later revision of the figure behind a contract is handled.
What the approved rules cover
CryptoSlate reports that the SEC signed off on Cboe's rules covering Coinbase trading volume and the Bitcoin production of MARA. Each contract is linked to a designated measure and reporting period taken from the company's earnings-related SEC filing, so every option settles against one specific number.
Permitted Coinbase measures include transaction revenue, subscription and services revenue, and total trading volume. For MARA, the eligible measures include Bitcoin produced and total Bitcoin holdings.
How payouts are determined
A call pays out when the reported figure meets or exceeds the contract's threshold, and a put pays out when it falls below. The standard gross payout is $1, subject to adjustments and alternative settlement rules. A buyer's outcome also depends on the price paid and any trading costs.
The central safeguard concerns corrections. Once a contract has expired and settled, a later restatement of the company's figure leaves the settlement value and the amount paid or unpaid unchanged. An option that settled without a payout does not gain one if the company revises its number across the threshold, and the same finality applies to amounts already paid.
Delayed figures and open points
Missing or late disclosures fall under separate procedures. A delayed filing can hold up settlement processing while the clearinghouse waits for the measure, and missing figures can trigger alternative settlement.
CryptoSlate gives the SEC approval date as Oct. 13, 2026, with publication in the Federal Register on Oct. 18, 2026. As of that date, trading availability for the specific Coinbase and MARA series and eligibility for Robinhood customers had not been confirmed.
Open questions
- When will trading in the specific Coinbase and MARA series begin?
- Will Robinhood customers be able to trade these contracts?
- Which alternative settlement procedure applies when a company figure is missing?