COIN Stock Jumps 10% as Coinbase Files for U.S. Stock Perpetual Futures

Coinbase Global Inc. shares (COIN) have jumped 10.14% to $192.70 from $174.96 as the exchange advanced plans for U.S. stock perpetual futures.

The move followed Coinbase’s confirmation that it had filed SEC notice registrations for its derivatives exchange and brokerage operations. The filings mark an initial regulatory step toward offering single-stock perpetual contracts to U.S. customers.

Ad

Ad

Coinbase Files for U.S. Stock Perpetual Futures

Coinbase has submitted two notice registrations dated September 1 to the Securities and Exchange Commission. The documents cover separate roles within the company’s proposed derivatives structure.

Coinbase Derivatives filed Form 1-N, which applies to exchanges seeking to list security futures products. Coinbase Financial Markets submitted Form BD-N for its role as a limited-purpose security futures broker-dealer.

“We’re working to bring single-stock perps to the US,” Coinbase said, adding that it plans to work with both the SEC and CFTC.

Under the proposed structure, Coinbase Derivatives would operate the marketplace for the contracts while Coinbase Financial Markets would provide regulated customer access to those products.

Ad

Ad

SEC and CFTC Oversight Required

Single-stock futures fall under joint oversight because they combine features of securities and futures products. As a result, Coinbase must work with both the SEC and Commodity Futures Trading Commission.

Coinbase Chief Policy Officer Faryar Shirzad said the filings represent the first regulatory step toward bringing equity perpetuals onshore. He said product approval from the CFTC would come next.

“Equity perps have proven demand internationally,” Shirzad said. He added that closer coordination between both regulators is supporting the proposed U.S. pathway.

The notice registrations do not provide final approval for commercial trading. Coinbase has also not disclosed a launch date, supported stocks, leverage limits, or trading hours.

Coinbase Builds on International Equity Perpetuals

Coinbase already offers stock perpetual futures to eligible customers outside the United States through its international platform. Those contracts provide synthetic exposure without transferring ownership of the underlying shares.

The current overseas lineup includes Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. Coinbase also offers perpetual contracts tied to the SPY and QQQ exchange-traded funds.

These products allow traders to take long or short positions while using USDC for settlement. Funding payments are used to keep contract prices close to their reference assets.

Coinbase’s international contracts also trade outside standard U.S. stock market hours. However, the company has not said whether the same structure will be used domestically.

Any U.S. version would remain subject to separate regulatory requirements and product approvals. That process could result in different leverage, settlement, or trading conditions.

Coinbase Expands U.S. Derivatives Business

The filings come as Coinbase continues expanding its regulated derivatives operations in the United States. The exchange has been adding futures products while broadening access for institutional customers.

Coinbase has also been extending its business beyond traditional spot cryptocurrency trading, with its derivatives strategy now including crypto futures and other regulated financial products.

Single-stock perpetuals would add equity-linked derivatives to that expansion if regulators grant the required approvals. However, as of press time, Coinbase has not provided a timetable for completing the process.