# Cboe Wins SEC Approval for Company-Metric Options as Launch Awaits Clearance

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/33460
Published: 2026-10-16T20:10:46.000Z
Updated: 2026-10-16T20:10:46.000Z
Section: Regulation

> The initial plan covers 23 U.S.-listed companies, with Robinhood set to offer the contracts first. Trading still depends on regulatory steps for Cboe Clear U.S.

Cboe has SEC approval for cash-settled options on selected company performance metrics, but trading cannot begin until related clearinghouse filings and documents take effect or receive approval.

The initial plan covers 23 U.S.-listed companies; Robinhood is set to be the first retail broker offering the contracts. The options are based on business or financial measures, not company share prices. Coinbase’s list covers total trading volume and transaction revenue, plus diluted net income per share, total revenue, and subscription and services revenue.

Robinhood’s list spans funded customers and Gold subscribers, along with diluted net income, average revenue per user and total net revenue. For MARA Holdings, Inc., the list includes Bitcoin (BTC) produced, holdings and purchases, blocks won, energized hashrate, revenue, and diluted earnings or net loss per share.

A call pays $1 if its specified metric meets or exceeds the contract’s threshold; a put pays $1 if the metric falls below it. The payout is generally $0 when the condition is not met. The options are European-style and cash-settled, with a contract multiplier of one. They may trade from $0.01 to $1.03 in penny increments.

Settlement uses the KPI value for the specified reporting period in the issuer’s relevant earnings-related filing submitted to the SEC. Cboe still needs the related Cboe Clear U.S. filings and documents to become effective or receive approval before it can list the options.

Cboe Clear U.S. amended its registration application Oct. 1. The SEC opened the amendment for public comment Oct. 6, with comments due Oct. 30. Cboe projected an October rollout, but no trading date is confirmed.

SEC Chair Paul S. Atkins said the approval “does not address—and does not foreclose—CFTC jurisdiction” over contracts based on the same measures but structured differently.