U.S. regulators just unlocked crypto 'perp' contracts — long Coinbase as the first-mover winner
The main U.S. derivatives regulator just greenlit a pathway for crypto perpetual futures contracts — a super-popular trading product that until now mostly existed on offshore exchanges. Coinbase is one of the first platforms set to offer them. Meanwhile, Bitcoin ETFs have been bleeding money for nine straight days.
Idea
Perpetual futures are the most-traded crypto product in the world, but Americans have mostly been shut out of them on regulated exchanges. The CFTC just changed that, and Coinbase is first in line to capture all that trading volume and the fees that come with it. This is a genuine new revenue stream opening up for Coinbase specifically — not just a vague crypto bullish signal. The contrarian angle makes it even more interesting: Bitcoin ETFs have seen nine straight days of outflows, so sentiment is sour on crypto right now, which means Coinbase stock hasn't fully priced in this regulatory win yet. When the institutional money comes back — and it tends to return fast — Coinbase will be the on-ramp with a brand-new product to sell them.