Coinbase Stock Surges as Exchange Seeks Approval for Single-Stock Perpetual Futures

Shares of Coinbase (COIN) surged 12% to $194.25 on Friday, following the exchange's application for U.S. single-stock perpetual futures contracts.

The proposed contracts would enable round-the-clock trading five days a week with no expiration dates, allowing traders to maintain their positions indefinitely as long as they meet margin requirements.

Coinbase's initial product launch is expected to include approximately 50 to 60 major equities, including Apple, Microsoft, Tesla, and Nvidia.