CFTC just greenlit crypto perpetuals in the U.S. — long Coinbase as a brand-new revenue stream unlocks
The top U.S. derivatives regulator just cleared the way for crypto perpetual futures contracts to trade on American exchanges for the first time. Coinbase and Kalshi are first in line to offer these products, which have until now only existed on offshore platforms.
Idea
Perpetual futures are the most popular crypto trading product in the world, accounting for the vast majority of crypto trading volume globally — but until now they've only been available on offshore exchanges. Bringing them onshore to regulated U.S. platforms is a massive revenue opportunity for Coinbase, which is already approved as a first-mover. This isn't just a one-day headline; it opens an entirely new, high-margin product line that could meaningfully boost Coinbase's trading revenue for quarters to come. When a company gets a brand-new license to sell its most popular product domestically, the stock tends to re-rate higher.