NYSE Arca Seeks SEC Approval for Coinbase-Linked KPI Options

NYSE Arca has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) seeking approval to list binary KPI options linked to the financial and operational metrics of listed companies including Coinbase ($COIN). The SEC publicly released NYSE Arca's proposal on May 15, opening a public comment period that will run for 21 days.

Binary KPI options are European-style cash-settled options that pay out predetermined cash amounts at expiration based on whether specified metrics from corporate reports meet or miss pre-defined thresholds. The proposal includes Coinbase's diluted earnings per share, total revenue, trading revenue, total volume, and subscription and service revenue as underlying metrics.