US greenlights crypto perps for the first time — long Coinbase as the new revenue flows in
US regulators just greenlit a type of crypto trading product — perpetual futures — that has until now only existed on offshore exchanges. Coinbase is one of the first platforms set to offer it, opening up a massive new revenue stream. Separately, Texas is moving state reserve assets into direct Bitcoin holdings.
Idea
Perpetual futures are the most popular crypto trading instrument globally, but Americans have had to use offshore exchanges to access them. Bringing them onshore to regulated platforms like Coinbase unlocks enormous domestic demand and creates a brand-new, high-margin revenue stream. On the same day, Texas is pushing to move state reserves from a Bitcoin ETF into actual Bitcoin, signaling deepening government adoption. These two regulatory tailwinds together are a fundamental bullish shift for Coinbase's business and the broader crypto industry. While Bitcoin ETF outflows have been heavy recently, this structural change in US crypto infrastructure should attract fresh capital.