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.