U.S. just legalized crypto perps — Coinbase is first in line to profit
U.S. regulators just gave the green light for crypto perpetual futures contracts — a super-popular trading tool that until now was only available on overseas exchanges. Coinbase and Kalshi are first in line to offer them to American traders.
Idea
Perpetual futures are the most-traded crypto product in the world, and until now Americans had to use offshore exchanges to access them. Bringing them onshore is a huge revenue opportunity for Coinbase — they'll collect fees on every trade. This is the kind of structural change that can boost a company's earnings power for years, not just days. Even though Bitcoin ETFs have been seeing outflows lately, this is a different catalyst entirely: it's about Coinbase's business model expanding, not just the price of Bitcoin. If crypto traders flock to Coinbase's new perps product, the stock could ride a second wave of enthusiasm.