Regulators just opened the door to crypto perpetual futures in the U.S. — long Coinbase as the first-mover winner
U.S. regulators just greenlit crypto perpetual futures contracts — a hugely popular trading product that until now only existed on offshore exchanges. Coinbase is among the first platforms approved to offer them to American traders.
Idea
The CFTC's approval of crypto perpetual futures is a game-changer for Coinbase — it lets them offer the most popular crypto trading product worldwide to U.S. customers for the first time. This is essentially a new revenue stream that didn't exist yesterday. Coinbase gets a first-mover advantage alongside Kalshi, and perpetual futures typically generate massive trading fees. Historically, when exchanges gain access to new product categories, their stock ramps up over weeks as investors re-rate revenue expectations higher.