Coinbase has filed notice registrations with the U.S. Securities and Exchange Commission to offer single-stock perpetual futures domestically, expanding its existing crypto perpetual futures business into individual equities. The filings, submitted on September 1, include a Form 1-N from Coinbase Derivatives and a Form BD-N from Coinbase Financial Markets. The move adds a regulated derivatives product as regulators continue grappling with how perpetual contracts should be classified under U.S. law. The filing comes alongside a broader push into tokenized products, including pre-IPO perpetual futures for SpaceX, Anthropic, and OpenAI. The U.S. market for perpetual futures remains contested, with the CFTC approving Kalshi’s Bitcoin perpetuals in May, a decision that CME Group is challenging in court.
Coinbase this week filed notice registrations with the SEC to offer single-stock perpetual futures in the United States, according to a post from the company’s official account. The move adds another regulated derivatives product to Coinbase’s U.S. lineup and comes as regulators continue sorting out how perpetual contracts should be classified under American law.
“We’re working to bring single stock perps to the US,” Coinbase wrote, adding that it plans to work with both the SEC and the CFTC to bring more major financial products onshore. The company shared images of two filings, both submitted 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.
Neither filing guarantees the product launches on any set timeline. Notice registrations open the door for a broker or exchange to offer a given product, while approval and any conditions attached to it still rest with regulators.
The filing also comes alongside a broader push into tokenized products, with Coinbase launching tokenized stock trading for customers outside the U.S. in August, alongside options trading and real-world-asset perpetual futures tied to equity indices. It also rolled out pre-IPO perpetual futures starting with SpaceX, with Anthropic and OpenAI contracts expected to follow, a corner of the market that grew more than tenfold in volume since May, to around $12 billion, according to CryptoQuant.
Perpetual futures carry no expiration date, letting traders bet on an asset’s price without owning it, and the U.S. market for them is new. In May, the CFTC approved Kalshi to offer Bitcoin perpetual futures, the first time the product cleared for the U.S. market, and a decision CME Group said it would challenge in court on the grounds that perpetuals should be regulated as swaps rather than futures.
At the time, CME CEO Terrence Duffy noted that the company spent eight months preparing the case and argued that its exclusive licensing deals with benchmark providers mean any perpetual contract tied to those benchmarks still has to run through CME. CFTC Chair Michael Selig has defended the original approval as a way to bring regulated, expiration-free products onshore under U.S. oversight.
