SEC approves Coinbase earnings bets that stay settled when the numbers change

The SEC approved rules allowing options exchange Cboe to list binary options on Coinbase trading volume and Bitcoin miner MARA's production. Once those contracts have expired and settled, a later correction to the company's reported figure will not change the payout.

The order is dated Oct. 13, 2026, and was published in the Federal Register on Oct. 16. Trading availability for the specific Coinbase and MARA series, and eligibility for Robinhood customers, remained unconfirmed as of Oct. 17.

The eligible metrics include Coinbase's transaction revenue and subscription and services revenue, alongside total trading volume. MARA's permitted metrics include Bitcoin produced and total Bitcoin holdings.

Ordinary settlement uses the designated metric for the specified reporting period in the company's earnings-related SEC filing. Cboe sets the metric and reporting period when listing the option, giving each contract a particular figure to resolve against.

A call pays when that reported figure equals or exceeds the contract's threshold; a put pays when it falls below it. The standard gross payout is $1, subject to adjustments and alternative settlement rules. The buyer's profit or loss also depends on the purchase price and any applicable trading costs.

The restatement provision applies after both expiration and settlement. A later correction leaves the settlement value and the amount paid or unpaid unchanged. An option that settled without a payout therefore does not gain one because the company subsequently revises its number across the threshold. The same finality applies to an amount already paid.

A delayed disclosure can postpone settlement processing while the clearinghouse waits for the metric. Trading still stops on the scheduled expiration date, and that date does not change.

Other cases can trigger alternative clearing procedures, including when a metric will not become available. Those procedures may use the option's last closing price as the settlement amount, producing a different result from the ordinary all-or-nothing payout.

If the closing price is unavailable or the clearinghouse Cboe Clear U.S. judges it unreliable, the option can expire unexercised and worthless.

Cboe's Sept. 30 announcement planned an October rollout across 23 companies, subject to regulatory approval, with Robinhood named as the first retail broker at launch. An Oct. 8 update reiterated the conditional plan.

The approval record also contains Cboe's commitment to wait until applicable Cboe Clear U.S. filings and documents are approved or effective following SEC review before listing the options.