Coinbase has filed registration documents with the U.S. Securities and Exchange Commission to launch equity perpetuals, expanding the cryptocurrency exchange’s push into derivatives and potentially bringing the product to U.S. investors, Reuters reported.
Coinbase Chief Policy Officer Faryar Shirzad disclosed the filing in a social media post on Thursday, according to Reuters. The product will next require approval from the U.S. Commodity Futures Trading Commission before it can be offered in the country.
Coinbase targets growing demand for perpetuals
Perpetual contracts, commonly known as “perps,” are derivatives that track the price of an underlying asset but do not have an expiration date. This allows traders to maintain positions indefinitely without having to roll contracts into new ones.
Reuters reported that equity perpetuals have already attracted demand in international markets, and Coinbase is seeking to establish a regulated route for U.S. investors to access the products.
The filing marks another step in Coinbase’s broader expansion beyond spot cryptocurrency trading and into derivatives, as exchanges and trading platforms seek to capture growing demand for alternative products tied to digital assets and equities.
CFTC approval next
Coinbase will need clearance from the CFTC before launching the equity perpetuals product in the United States. Reuters reported that 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. Kalshi has also filed with the CFTC seeking approval to launch equity index perpetuals, bringing it into more direct competition with established exchanges.
Exchange stocks face renewed competition
The expansion of perpetual products is also adding to competitive pressure across the U.S. exchange industry. According to Reuters, regulatory approval for such products has weighed on sentiment toward exchange stocks during the first half of the year, although those shares have been recovering from an earlier selloff.
For Coinbase, gaining regulatory approval for equity perpetuals could broaden its derivatives offering and provide another potential source of trading activity. The move also highlights the growing convergence between traditional equity markets and crypto-focused trading platforms as companies seek new ways to attract active traders.
