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Coinbase seeks approval to launch single-stock US equity perps

Coinbase seeks approval to launch single-stock US equity perps

The proposed stock perps would mark an expansion of Coinbase's derivatives business into products tied to traditional US equities.

By Editorial Team
Edited by Vivian Nguyen

2 min read

In Finance

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Coinbase Global, Inc. (COIN) price

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Market cap
$42.5B (shares as of 2026-06-30)
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue
$7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
20.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 27, 2026 · tokenized COINx $161$42.5BNot meaningfulLoss, diluted EPS −3.79
to 2026-06-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 27, 2026 · tokenized MSTRx $141UnavailableNot meaningfulLoss, diluted EPS −96.98
to 2026-06-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 27, 2026 · tokenized CRCLx $82Unavailable16.3Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 27, 2026 · tokenized BMNRx $22$13.0BNot meaningfulLoss, diluted EPS −4.50
to 2026-05-31 · SEC filing		Unavailable$6.1MFY ended 2025-08-31 · 10-K+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K348,577,000FY ended 2025-08-31, attributable to the company · 10-K7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 4:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Coinbase Global has filed for regulatory approval to list perpetual futures tied to individual large-cap US stocks, targeting around 50 to 60 widely traded names such as Apple, Microsoft, Tesla and Nvidia, the company said Friday.

The planned contracts would allow traders to speculate on individual stock prices without the contracts having a fixed expiration date.

The offering would broaden the exchange’s derivatives lineup by bringing perpetual contracts tied to major US equities alongside its existing crypto-related products.

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What perpetual futures actually are, and why they matter

Perpetual futures have become especially prominent in the crypto markets. They are derivative contracts with no expiration date, allowing traders to take leveraged long or short exposure to an asset without owning it or taking delivery.

Unlike conventional futures, they do not require traders to roll from one contract month to the next. Instead, periodic funding payments between long and short traders generally help keep a perpetual’s price aligned with the underlying asset’s spot price.

Coinbase already tested this internationally

This is not a theoretical product for Coinbase. On March 20, 2026, its international exchange launched stock perpetuals for eligible non-US customers, initially covering Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, as well as selected ETFs including SPY and QQQ.

The contracts were cash-settled in USDC and offered leverage of up to 10 times on individual stocks and up to 20 times on ETFs, according to reports describing the launch.

For the US launch, Coinbase has not disclosed the final stock list, leverage limits or trading start date. Its SEC notice filings are an initial regulatory step, not authorization to begin trading.

Because single-stock futures fall under the US security futures framework, the proposed product would face requirements involving both the SEC and CFTC before launch.

Coinbase has also expanded its US-regulated derivatives business, including futures linked to equity indexes. That provides the relevant listed-derivatives experience, but single-stock perpetuals would still represent a distinct product category with a different regulatory framework.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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