Coinbase files for 24/7 stock perpetuals in the US
Coinbase asked the CFTC to list leveraged, never-expiring contracts on US stocks such as Apple and Nvidia. Its shares rose 11.7% that day.
The filing
On September 18, Coinbase Derivatives filed with the Commodity Futures Trading Commission (CFTC) to list cash-settled perpetual contracts tied to individual US-listed stocks and ETFs. The sample contract in the filing is Apple. Coinbase plans contracts on roughly 50 to 60 stocks, including Tesla, Microsoft and Nvidia.
What a perpetual is
A perpetual future has no expiry date and is the most traded product type on crypto exchanges. It gives leveraged stock exposure without ownership, dividends or voting rights. On September 1 Coinbase had also filed with the SEC to register a security futures exchange and a limited-purpose broker-dealer. The product sits under the joint jurisdiction of both agencies.
Approval and the market
The filing is pending under a 45-day review window. Coinbase shares closed up 11.66% at $194.25 on the news, and several banks, including Goldman Sachs and Morgan Stanley, raised their price targets. The company is pushing into stablecoin payments and tokenised assets to earn more than trading fees.