Regulators just opened the door for crypto perpetuals in the U.S. — buy Coinbase as the first-mover winner
U.S. regulators just greenlit a type of crypto trading contract — called perpetual futures — that has until now only been available on offshore exchanges. Coinbase is one of the first platforms cleared to offer them, which could unlock a huge new revenue stream.
Idea
Perpetual futures are the most-traded crypto instrument globally, yet they've been banned from U.S. platforms for years. With the CFTC now explicitly allowing them onshore, Coinbase — already a named beneficiary — stands to capture trading fees from a product that handles tens of billions in daily volume overseas. This is a structural business shift, not a one-day pop. When a regulated monopoly opens a new market, the first-mover advantage tends to reward the stock for weeks, not hours. The broader crypto rally adds a tailwind, but even if Bitcoin consolidates, Coinbase's new product revenue should independently boost the stock.