Coinbase Files with SEC to Offer Equity Perpetual Futures in US

Coinbase has filed registration documents with the U.S. Securities and Exchange Commission (SEC) to offer equity perpetuals, a significant step in its strategy to expand its regulated derivatives business in the United States. The move was announced by the company's Chief Policy Officer, Faryar Shirzad, in a social media post on Thursday.

The Regulatory Path

The filing with the SEC is the initial step in a multi-agency approval process. According to Shirzad, the product will also require approval from the Commodity Futures Trading Commission (CFTC) before it can be offered to U.S. customers. This dual-regulator path highlights the complex oversight of novel financial products that bridge equities and derivatives markets.

This is not Coinbase's first foray into perpetuals. Earlier this year, the crypto exchange secured CFTC approval to offer perpetual futures tied to cryptocurrencies, a milestone it shared with prediction markets platform Kalshi.

What are Equity Perpetuals?

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Perpetual futures, often called "perps," are a type of derivative contract with no expiration date. This key feature allows traders to hold positions indefinitely without needing to roll them over, a common practice in traditional futures markets. The contracts are designed to closely track the price of an underlying asset, which in this case would be equities.

"Equity perps have proven demand internationally, and we’re excited at the prospect of a regulated pathway for U.S. investors," Shirzad stated in his post on X. The introduction of such products could place Coinbase in more direct competition with incumbent U.S. exchanges.

Market Context

The move comes as other platforms also explore similar offerings. Kalshi has also filed for CFTC approval to launch its own equity index perpetuals. The expansion into more traditional asset classes represents a strategic diversification for Coinbase, leveraging its regulatory experience from the digital asset space to enter the broader derivatives market.