According to reports from Reuters, Coinbase has filed two notice registrations with the U.S. Securities and Exchange Commission to launch single-stock perpetuals, expanding the cryptocurrency exchange's push into derivatives and potentially bringing the product to U.S. investors. Coinbase Chief Policy Officer Faryar Shirzad disclosed the filing in a social media post on Thursday, as reported by Reuters. The filing packet shows a Form 1-N for Coinbase Derivatives LLC and a Form BD-N for Coinbase Financial Markets Inc., both dated September 1. The product will next require approval from the U.S. Commodity Futures Trading Commission before it can be offered in the country. As reported by Crypto News, Shirzad indicated that equity perps have demonstrated international demand and expressed enthusiasm about the possibility of a regulated pathway for U.S. investors. CEO Brian Armstrong responded to the filing, stating "Job's not finished" as reported by AMBCrypto, while Director of Base Growth Antonio García Martínez praised the product's setup for success in years to come.
The SEC filings represent a significant expansion of Coinbase's equity-derivatives offerings, extending beyond the current domestic stock-index contracts to include single-stock perpetuals for individual companies. U.S. users can already trade Coinbase perpetual-style futures tracking artificial intelligence, China, defense and the top 100 tech stocks. The new effort specifically targets the single-stock exposure that Coinbase introduced for eligible customers outside the U.S. in March. The filing packet identifies the registering entities and forms but does not state which stocks are proposed or which classes of U.S. customers could qualify, according to the latest reports. This expansion marks another step in Coinbase's broader move beyond spot cryptocurrency trading and into derivatives, as exchanges seek to capture growing demand for alternative products tied to digital assets and equities. If approved by the SEC, U.S. citizens would be able to trade stock perpetuals with leverage and no expiration date, as reported by AMBCrypto.
According to Reuters, Coinbase will need clearance from the CFTC before launching the single-stock perpetuals product in the United States. The exchange earlier this year received CFTC approval, alongside prediction-markets platform Kalshi, to offer perpetual crypto futures. The latest move comes as competition intensifies in the derivatives market, with Kalshi also filing with the CFTC seeking approval to launch equity index perpetuals, bringing it into more direct competition with established exchanges. As reported by Crypto News, Shirzad noted that "The coordination between the SEC and CFTC making this possible is long overdue – and it's exactly what needs to happen for the U.S. to stay competitive on products investors already want" as reported by AMBCrypto. This regulatory approval has affected sentiment in exchange stocks during the first half of the year, which are recovering from a selloff in that period.
Coinbase's offshore stock perpetuals currently cover major technology companies including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, along with SPY and QQQ exchange-traded fund contracts where permitted. According to Coinbase, retail customers can access the product through Coinbase Advanced and institutions through Coinbase International Exchange, with U.S. persons excluded at launch. The U.S. index product trades around the clock with up to 20 times leverage and settles in USDC, according to Coinbase. The exposure is to stock baskets rather than individual companies, as reported by multiple sources. Meanwhile, Coinbase has also launched 23 crypto derivatives for Canadian users with up to 10x leverage, covering futures contracts for Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and more, as reported by AMBCrypto.
As reported by AMBCrypto, Coinbase stock gained over 10% during the filing period, with the price increasing by $17.74, though COIN is still down about 15% year-to-date. Other crypto stocks including Bitmine [BMNR], Robinhood [HOOD], and Strategy also ticked up by 17% each, indicating that the gains came from market-wide strength in crypto stocks. The expansion of perpetual products is adding to competitive pressure across the U.S. exchange industry, with issuers like Ondo Finance [ONDO] and Robinhood bringing competition, especially during weekends, as reported by AMBCrypto. For Coinbase, gaining regulatory approval for single-stock perpetuals could broaden its derivatives offering and provide another potential source of trading activity. The filing represents a significant step toward bringing Coinbase's international equity derivatives capabilities to the U.S. market, with the exchange's large user base of more than 75 million positioned to benefit from the 24/7 access to these products.
