US just greenlit crypto perps for the first time — buy Coinbase before the new revenue rolls in
The top US derivatives regulator just cleared the way for crypto perpetual futures contracts to be offered on American exchanges. Coinbase and Kalshi are the first platforms moving forward to offer these products, which have until now only been available on offshore exchanges.
Idea
Perpetual futures are the most popular crypto trading product in the world, generating massive fee revenue for exchanges like Binance — but Americans couldn't legally access them until now. Coinbase being first in line to offer these onshore means a brand-new, high-margin revenue stream that Wall Street hasn't fully priced in yet. When a major new product category opens up, the first-mover exchange tends to see its stock run for weeks as analysts scramble to update their revenue estimates. The broader crypto market may be cooling (Bitcoin ETFs saw $2.8B in outflows recently), but this specific catalyst is about Coinbase's business expanding, not about where Bitcoin's price goes next.