US greenlights crypto perpetual futures for the first time — Coinbase is the gateway play
The main 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 the first platforms moving forward. At the same time, Texas is setting up a strategic Bitcoin reserve and moving assets from an ETF into direct Bitcoin holdings.
Idea
Perpetual futures are the most popular crypto trading product worldwide, but until now they've only been available on offshore exchanges. Bringing them onshore to regulated U.S. platforms is a huge structural win for Coinbase specifically — it unlocks a massive new revenue stream from traders who had to use foreign platforms. Add in Texas literally building a state-level Bitcoin reserve, and you have both regulatory tailwinds and institutional demand aligning. Even though Bitcoin ETFs have seen recent outflows, this regulatory shift is a longer-term catalyst that should benefit the infrastructure providers first.