Coinbase has filed two notice registrations with the U.S. Securities and Exchange Commission to bring single-stock perpetual futures to American customers. The filing pushed Coinbase Global shares up 10.14%, though the company has not disclosed which stocks, leverage limits, or a launch date.
Coinbase filed two notice registrations with the SEC on Sept. 1, seeking to expand its U.S. equity-derivatives lineup from thematic stock indexes to individual stocks. Coinbase Global shares jumped 10.14% to $192.70 from $174.96 as the news spread.
The filings
The packet includes a Form 1-N for Coinbase Derivatives LLC and a Form BD-N for Coinbase Financial Markets Inc., both dated Sept. 1. The Form 1-N registers Coinbase Derivatives as a national securities exchange solely for trading security-futures products, while the BD-N registers Coinbase Financial Markets as a security-futures-product broker-dealer.
Under the proposed structure, Coinbase Derivatives would run the marketplace while Coinbase Financial Markets would handle regulated customer access. The filing packet does not state which stocks are proposed or which customers could qualify.
CFTC approval comes next
Single-stock futures require joint oversight because they blend features of securities and futures products, so Coinbase must work with both the SEC and the CFTC. Coinbase Chief Policy Officer Faryar Shirzad called the SEC filings a first step and said CFTC product approval comes next.
Coinbase said: "We're working to bring single-stock perps to the US." The notice registrations do not grant final approval, and Coinbase has not disclosed a launch date, supported stocks, leverage limits, or trading hours.
Extending an offshore product
Coinbase already runs offshore stock perpetuals covering Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, along with SPY and QQQ contracts, for eligible customers outside the U.S.
Retail customers can access the product through Coinbase Advanced and institutions through Coinbase International Exchange, with U.S. persons excluded. That index product trades around the clock with up to 20 times leverage and settles in USDC, giving traders exposure to stock baskets rather than individual companies.
The new U.S. filings target the single-stock exposure Coinbase introduced outside the U.S. in March, extending its perpetual futures push onshore if regulators grant approval.
Sources: The Defiant, CoinGape
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