SEC: Approves Cboe Binary Options on Company KPIs

SEC approved Cboe to list binary options on KPIs reported by public companies including Coinbase, Robinhood and MARA. Traders can take yes/no positions on metrics such as Coinbase trading volume, Marathon BTC production and Robinhood customer and revenue figures. Robinhood is expected to be the first retail broker to offer the contracts. For crypto this opens a route to trade company performance metrics without direct bets on BTC price. The structure falls under SEC securities-options rules while leaving differently structured contracts open to CFTC jurisdiction, consistent with the agency's long-standing role protecting investors and the recent advisory on prediction-market incentive programs.