The SEC has approved a new type of binary options contract linked to key performance indicators (KPIs) of 23 publicly traded U.S. companies, opening up another way for traders to speculate on company performance.
For crypto-related companies, the contracts will focus on metrics such as:
– Coinbase: Trading volume on its crypto exchange
– Robinhood: Customer numbers and revenue
– MARA Holdings: Bitcoin mining production
Instead of betting directly on Bitcoin’s price, traders will be able to take a simple yes-or-no position on whether a company reaches a specific target by a set date.
NEW: The SEC approves binary options on company KPIs for @Coinbase, @MARA and @RobinhoodApp, letting investors bet on metrics like trading volume, $BTC mined and revenue rather than stock prices. pic.twitter.com/DIF7wyEVoE
— CoinDesk (@CoinDesk) October 15, 2026
The contracts are expected to launch on Cboe Global Markets this month, with Robinhood anticipated to be among the first brokerages to offer them to retail investors. However, trading must wait until the required clearing and regulatory steps are completed.
The contracts will be cash-settled and can only be exercised at expiration. Their final outcomes will be determined using figures from companies’ official SEC filings rather than numbers presented in earnings slides or investor presentations.
SEC Chair Paul Atkins said the approval applies to this particular securities-options structure. Similar products governed by the Commodity Futures Trading Commission (CFTC), including certain prediction market contracts, remain under a separate regulatory framework.
Why does this matter for crypto?
Crypto market participants could gain another way to express their views on the industry. Instead of focusing solely on BTC price movements, traders could speculate on exchange activity, platform growth or Bitcoin mining output.
It also brings traditional financial derivatives and prediction-style trading closer together, though the products remain subject to different rules.
The next thing to watch is when these contracts become available and how much interest retail traders show in them.
Would you trade a yes-or-no contract on Coinbase’s trading volume or MARA’s Bitcoin production?
