Coinbase seeks 24/7 leveraged stock bets

Coinbase is trying to bring a crypto-style market structure into U.S. equities derivatives. The company is seeking approval to offer 24/7 single-stock perpetual futures — leveraged contracts tied to individual stocks that do not expire — after already launching stock perpetual futures for eligible customers outside the United States on March 20. That matters because the product Coinbase already offers abroad is built around round-the-clock trading, leverage and synthetic exposure rather than ownership of the underlying shares. Coinbase’s help documentation says stock perpetual futures are USDC-settled contracts that track publicly listed equities and equity baskets without the trader owning the stock itself. (crowdfundinsider.com) The regulatory route also helps explain why this is not just a rumor from social media. Reports published in the last several days said Coinbase filed Form 1-N for Coinbase Derivatives and Form BD-N for Coinbase Financial Markets on September 1 as it began the formal process for U.S. approval. Those forms are the SEC’s notice-registration forms for a security-futures exchange and a security-futures broker-dealer. (help.coinbase.com) ### What exactly is Coinbase trying to list? Coinbase is pursuing single-stock perpetual futures, not ordinary stock trading. The contracts would give traders leveraged, synthetic exposure to individual equities on a continuous basis rather than requiring them to buy shares during regular stock-market hours. (crowdfundinsider.com) Coinbase’s own product materials describe stock perps as 24/7 instruments that use funding payments, similar to crypto perpetuals, to keep prices aligned over time. During regular weekday hours, Coinbase says pricing is derived from direct equity-market data; during weekends and certain off-hours, it uses an internal index with tokenized-equity feeds to maintain continuous trading. (crowdfundinsider.com) ### Why does the SEC show up if these are futures? The SEC appears here because Coinbase is trying to fit the product into the U.S. framework for security futures. Form 1-N is the SEC form for notice registration as a national securities exchange for the sole purpose of trading security futures products, and Form BD-N is the notice-registration form for a security-futures product broker-dealer. That means the product would sit in the long-standing joint SEC-CFTC regime for security futures rather than in the simpler lane used for most crypto spot products. (help.coinbase.com) Published reports on the filing said CFTC approval would still be needed before launch. ### What does Coinbase already offer today? Coinbase already offers 24/5 stock trading to U.S. customers through Coinbase Capital Markets, according to its stock-trading page. (sec.gov) That is conventional brokerage access, not a 24/7 leveraged perpetual contract. Outside the United States, Coinbase said on March 20 that it had launched stock perpetual futures for eligible traders. Its derivatives materials also say stock and commodity perpetual futures are available only in eligible jurisdictions and are offered by Coinbase Bermuda Ltd. (news.bitcoin.com) ### Why are people calling this “24/7 leveraged stock bets”? The phrase comes from the structure of the product. (coinbase.com) Coinbase says stock perps provide leveraged exposure, trade around the clock and do not require ownership of the underlying stock, which makes them closer to derivatives speculation than to cash equity investing. (coinbase.com) Coinbase has been moving in this direction for months. In a December 17, 2025 product update, the company said it planned to broaden stock perpetuals so traders outside the U.S. could get 24/7, capital-efficient exposure to U.S. stocks through Coinbase. It followed through with the March 20 international launch. ### What should readers watch next? September 1 is the key date cited in recent reports about the SEC notices, but Coinbase has not announced a U.S. start date, leverage limits or a final list of covered stocks. (help.coinbase.com) The next concrete step is regulatory. Any U.S. rollout would depend on the SEC notice-registration process and subsequent CFTC product approval, while Coinbase’s public filings and official product pages are the clearest places to watch for confirmation of when — or whether — U.S. retail traders get access. (coinbase.com) (sec.gov) (crowdfundinsider.com)