Coinbase is rolling out perpetual futures contracts for Circle Internet Group (CRCL), Robinhood Markets (HOOD), and MicroStrategy (MSTR), with trading set to go live on or after 9:00 am UTC on July 21, 2026.

What’s actually launching

The new contracts will be available to eligible non-US customers, consistent with Coinbase’s existing approach to its stock perpetual futures product. Traders can access up to 10x leverage on single-stock contracts, meaning a $1,000 position can control $10,000 worth of exposure.

All three contracts are cash-settled in USDC, Circle’s dollar-pegged stablecoin. That detail is worth noting given that CRCL, Circle’s own stock ticker, is one of the assets being listed. Coinbase is essentially letting traders speculate on the issuer of the settlement currency using the settlement currency itself.

The 24/7 trading window is a meaningful differentiator from traditional equity markets. When a major Bitcoin move happens at 2 am on a Sunday, holders of MSTR perpetuals can react immediately rather than waiting for Monday’s opening bell.

Why these three stocks matter

MicroStrategy, under Michael Saylor’s leadership, has become the largest corporate holder of Bitcoin, essentially transforming itself into a leveraged Bitcoin proxy.

Robinhood has steadily built out its crypto business, becoming one of the primary on-ramps for retail traders entering the digital asset space. The company’s revenue is increasingly tied to crypto trading volumes.

Circle Internet Group, the company behind USDC, went public and represents a pure-play bet on stablecoin adoption. CRCL saw a 5.5% gain in a single trading session amid Bitcoin’s strength earlier in 2026.

Coinbase’s bigger derivatives play

This launch builds on groundwork Coinbase laid in March 2026, when it first introduced stock perpetual futures for non-US users. Adding CRCL, HOOD, and MSTR is the next step in that rollout.

The timing aligns with a period of significant momentum for crypto-linked equities. Bitcoin surpassed $80,000 earlier in 2026, with companies like MicroStrategy and Circle seeing their stock prices respond accordingly.

What this means for traders and investors

In traditional equity markets, standard margin accounts typically offer 2x leverage, with portfolio margin sometimes stretching to 4x or more for qualified investors. At 10x, these perpetuals sit closer to the leverage profiles found on crypto-native platforms.

One risk to watch: the correlation between these stocks and Bitcoin can break down during periods of company-specific stress. A regulatory action against Circle, a Robinhood earnings miss, or a change in MicroStrategy’s Bitcoin strategy could decouple these assets from broader crypto trends, catching leveraged traders off guard.