Coinbase Seeks SEC Approval for Single-Stock Perpetual Futures
Coinbase is seeking approval from the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to launch single-stock perpetual futures, a product that allows investors to bet on individual stocks with leverage without actually owning them.
The current offering of these contracts is only available to international users, but Coinbase aims to bring this feature to US investors by the end of 2023. If approved, it would be a significant expansion for the platform, which has been rapidly branching out beyond traditional cryptocurrency trading.
Coinbase's stock jumped 10% on Thursday after announcing its plans, its biggest one-day gain since May, indicating the potential impact this move could have on the market.