TWO NYSE EXCHANGES WANT $1 YES-OR-NO BETS ON APPLE’S NUMBERS — THE SEC FILING SETTLES IT, SO YOU TRUST THE FILER — A BITCOIN BLOCK SETTLES ITSELF

NYSE Arca and NYSE American want to list a thing called a binary KPI option. Read the rule text: a call pays $1 if a company’s reported number, say Apple’s diluted earnings per share or Tesla’s Model 3/Y production count, comes in at or above a line the exchange picks, and it is not exercised if it does not. It expires the day the company reports. Twenty-three companies are on the list, Apple to Marathon Digital, whose menu includes blocks won and total bitcoin held. This is a prediction market with a stock exchange logo on the door. The filing does not sell it that way; it says the product will “remove a gap in current national securities exchange-listed products available to market participants.” The exchanges are asking permission to sell it; weigh the pitch. What you can check: the rule, the line, and the sentence that says “the value in the Commission filing will be the ultimate settlement value.” What you trust: the company that writes the number, the exchange that reads it off the SEC filing, and the clearinghouse whose rules decide the payout if the number never shows up. Restate it later and the settlement “does not change.” Every one of these contracts settles on a figure somebody else reports and somebody else rules on. A bitcoin block settles itself; the number is in the block, and anyone running a node can read it. Comments are due October 9, 2026. {{PRICE_LINE}}