SEC Approves Binary Options on Coinbase and MARA Metrics

The SEC has authorized Cboe to list binary options based on Coinbase trading volume and Bitcoin production from the miner MARA. These contracts feature specific metrics that determine payouts based on results disclosed in official company reports.

A core feature of the new rules is the finality of settlement. If companies adjust their figures after the contract expiration and payout, the amount distributed to investors remains unchanged. Subsequent accounting revisions do not alter the financial outcome already processed by the clearinghouse.

The contracts operate with reference limits set at the time of listing. Payouts occur if the reported data meets or exceeds the established threshold. If the value falls below the limit, the contract expires worthless and maintains this status even if balance sheets are adjusted later.

Alternative procedures were established for cases involving delayed data disclosure or metric unavailability. In such situations, the clearinghouse may use the last closing price of the option as the basis for settlement. The contract expiration schedule remains fixed regardless of any failures in information delivery.

The digital asset derivatives market gains complexity with the introduction of products linked to specific operational metrics. The regulation reinforces the importance of data accuracy at the time of expiration to define participant gains or losses.