Coinbase has filed notice registrations with the US Securities and Exchange Commission (SEC) to offer single-stock perpetual futures to domestic investors, according to an announcement from the company this week.
The company submitted two filings on September 1. The first is a Form 1-N from Coinbase Derivatives, LLC, the entity through which the exchange already offers other futures products. The second is a Form BD-N from Coinbase Financial Markets, Inc., registering as a security futures product broker-dealer under Section 15(b)(11) of the Securities Exchange Act of 1934.
The filings represent Coinbase's effort to extend its existing crypto perpetual futures business into individual equities. The company stated it plans to work with both the SEC and the CFTC to bring the product to market. However, notice registrations do not guarantee product launches on any set timeline; approval and any conditions attached still rest with regulators.
Regulatory Landscape for Perpetual Futures
Perpetual futures are derivative contracts with no expiration date, allowing traders to bet on an asset's price without owning it. The US market for perpetual futures remains relatively new and contested among regulators.
In May, the CFTC approved Kalshi to offer Bitcoin perpetual futures, marking the first approval of the product for the US market. CME Group said it would challenge the approval in court, arguing that perpetual contracts should be regulated as swaps rather than futures. CME CEO Terrence Duffy noted the company spent eight months preparing the case and cited exclusive licensing deals with benchmark providers as requiring any perpetual contract tied to those benchmarks to run through CME.
CFTC Chair Michael Selig has defended the original approval as a way to bring regulated, expiration-free products onshore under US oversight.
Broader Expansion Into Derivatives
The filing comes as Coinbase expands its derivatives and tokenized product offerings. In August, the company launched tokenized stock trading for customers outside the US, alongside options trading and real-world-asset perpetual futures tied to equity indices. Coinbase also rolled out pre-IPO perpetual futures starting with SpaceX, with contracts for Anthropic and OpenAI expected to follow.
