SEC approves binary options on crypto company metrics

Cboe gets clearance to list binary options tied to key performance indicators from Coinbase, Robinhood, and Marathon Digital. Traders can take yes/no positions on Coinbase trading volume, Marathon's BTC production, and Robinhood's customer and revenue figures.

Robinhood expected to be first retail broker offering these contracts to customers. The approval creates a new derivatives category distinct from direct cryptocurrency price bets, operating under SEC securities-options framework rather than CFTC commodities rules.

This expands how retail participants can gain exposure to crypto-adjacent company performance metrics beyond spot price movements.

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