Coinbase Files SEC Notices to Launch Single-Stock Perpetuals in the U.S.

Seeking approval for individual stock contracts

Coinbase has submitted two notice registrations to the U.S. Securities and Exchange Commission (SEC). The filings aim to offer "perpetuals" on individual stocks to American customers. Currently, U.S. users can only trade perpetuals linked to thematic stock indexes. This move would expand those offerings to include single companies.

Perpetual futures are a type of derivative contract that lets traders bet on the future price of an asset without an expiration date. They are similar to traditional futures but settle daily instead of at a set end date.

Expanding beyond index products

• U.S. users currently trade perpetuals on indexes tracking AI, China, defense, and top tech stocks.
• The new filing targets individual stocks, similar to products already available outside the U.S.
• Offshore users can trade contracts for Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, along with ETFs like SPY and QQQ.
• The U.S. product trades around the clock with up to 20 times leverage and settles in USDC, a stablecoin pegged to the dollar.

Regulatory path and next steps

Formal approval from the Commodity Futures Trading Commission (CFTC) is the next required step, according to Coinbase Chief Policy Officer Faryar Shirzad. He described the recent SEC filings as only a first step toward bringing these products onshore.

The filing packet includes a Form 1-N for Coinbase Derivatives LLC, registered as a national securities exchange for security futures products. It also includes a Form BD-N for Coinbase Financial Markets Inc., registered as a broker-dealer for security futures products.

Unclear details on eligibility

The two-page filing identifies the legal entities involved but does not specify which individual stocks are proposed for launch. Additionally, the documents do not define which classes of U.S. customers would be eligible to trade these products.

Why this matters for traders

If approved, this would mark the first time U.S. customers can access single-stock perpetual futures through Coinbase. It represents a shift from broad index exposure to specific company positions, potentially offering more direct hedging or speculative tools for retail and institutional investors.

What happens next

Coinbase will wait for CFTC product approval before launching single-stock perpetuals in the United States. No timeline for that approval has been announced.

Sources

• The Defiant