US green-lights crypto perps for the first time — buy Coinbase before the revenue hits
The main U.S. derivatives regulator just said crypto perpetual futures—a hugely popular trading product that until now only existed on offshore exchanges—can be offered domestically. Coinbase and Kalshi are first in line to launch them.
Idea
Perpetual futures are the single most-traded crypto instrument worldwide, and until now U.S. investors had to use offshore platforms to access them. Bringing this product onshore gives Coinbase—a named first-mover—a brand-new, high-margin revenue stream that didn't exist yesterday. Historically, major regulatory approvals like the spot-Bitcoin ETF listing in early 2024 preceded multi-week rallies in Coinbase stock as trading volumes surged. With Bitcoin ETF outflows making crypto sentiment mixed right now, this catalyst stands out as a fresh positive that hasn't been priced in yet.