# SEC approves Cboe binary options on bitcoin-mining and crypto-trading metrics

> On Oct. 13, 2026, the SEC approved Cboe's rule filing SR-CBOE-2026-061, as amended, in Release 34-106659.

- URL: https://riadefi.com/regulation/2026-10-13-cboe-binary-kpi-options-crypto-operating-metrics/
- Posture: Agency order
- Authorities: U.S. Securities and Exchange Commission; Cboe Exchange, Inc.
- Event date: 2026-10-13
- Version: 1, published 2026-10-14 (first published 2026-10-14)
- Advisor-relevant: yes

## What changed

On Oct. 13, 2026, the SEC approved Cboe's rule filing SR-CBOE-2026-061, as amended, in Release 34-106659. The order designates Cboe's binary KPI options as standardized options under Rule 9b-1. The permitted issuer metrics include Coinbase trading volume and Marathon Digital's bitcoin mining, production, purchases and holdings. The contracts are European-style and cash-settled. Each pays a fixed amount or nothing, depending on specified issuer disclosures; the bitcoin price does not decide the payout. Existing requirements for customer accounts, disclosure, margin, reporting and surveillance apply. Cboe committed not to list the contracts until the required CCUS clearing filings and documents are approved or in effect. The order sets no launch date, and it does not approve KPI contracts structured differently.

## Who it affects

- Investment advisers who assess KPI options on crypto businesses for client portfolios
- Broker-dealers who execute or recommend the contracts
- Clients who want exposure to, or a hedge against, specific crypto-trading or bitcoin-mining results

## What is still open

- CCUS registration and the required clearing filings and documents are not yet complete.
- The listing dates, available contract series, liquidity and broker access are not yet known.
- It is not known how clearing rules will treat a missing or early KPI disclosure, or how closely the issuer metrics will track clients’ crypto exposures.

## What it means for an advisor

- Add the approved crypto-related KPI categories to your product monitoring, and confirm separately that clearing is ready and the contracts are available.
- Assess the risk of losing the whole amount paid, when issuers disclose, how each metric is defined, whether restatements change settlement, and how well the contract hedges the client.
- Before any use, confirm options account approval, options disclosures, funding, position controls and the client’s fiduciary or recommendation requirements.

## Sources

1. [Cboe Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Permit the Listing of Binary Options Overlying Key Performance Indicators Reported by Certain Issuers of Stock](https://www.sec.gov/files/rules/sro/cboe/2026/34-106659_1.pdf) · U.S. Securities and Exchange Commission · 2026-10-13


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.