Shares of Coinbase Global and Robinhood Markets jumped sharply on Friday after U.S. regulators approved a major expansion of cryptocurrency derivatives trading, potentially unlocking one of the industry's largest revenue opportunities.
The move came after the Commodity Futures Trading Commission (CFTC) signaled that U.S. firms will be allowed to offer crypto perpetual futures, commonly known as "perps," to American investors for the first time.
Stocks Rally on Regulatory Breakthrough
Investors welcomed the announcement, sending:
- Coinbase shares up 5% to $191.50
- Robinhood shares up 9.5% to $92.93
The regulatory shift is expected to create a significant new source of trading activity and fee revenue for crypto-focused platforms.
What Are Perpetual Futures?
Crypto perpetual futures allow traders to speculate on the future price movements of digital assets such as Bitcoin and Ethereum without directly owning the underlying assets.
Unlike traditional futures contracts, perpetual futures have no expiration date and can remain open indefinitely.
Many platforms also allow traders to use leverage, sometimes ranging from 10x to 50x their capital, increasing both potential profits and losses.
A Massive Untapped Market
Perpetual futures have become the dominant form of crypto trading globally.
On crypto exchange Binance, derivatives trading volume recently reached approximately $43 billion over a 24-hour period, compared with around $7.9 billion in spot trading volume.
Analysts believe bringing this market onshore could generate substantial growth opportunities for U.S.-based platforms.
Mizuho analyst Dan Dolev described the development as a "massive market opportunity," noting that much of the activity has historically occurred on offshore exchanges beyond U.S. regulatory oversight.
Coinbase Gains Early Advantage
The CFTC issued a no-action letter allowing Coinbase to provide U.S. customers access to options and perpetual futures products already available through its international platform.
The regulator also approved Kalshi to list and trade U.S.-based Bitcoin perpetual contracts.
Coinbase Chief Legal Officer Paul Grewal called the decision a "massive first for the industry," saying it brings established global crypto products under American regulatory supervision.
More Firms Expected to Join
Several other U.S. companies are exploring the perpetual futures market.
Among them is Gemini, while Robinhood already offers perpetual futures trading to customers in Europe and could eventually expand the service to U.S. users.
Industry observers expect increased competition as firms seek to capture a share of the rapidly growing derivatives market.
Part of Broader Crypto-Friendly Policies
The decision marks another step in the Trump administration's effort to position the United States as a global hub for digital assets.
Under the leadership of Donald Trump, regulators including the CFTC and the Securities and Exchange Commission have taken a more supportive approach toward the cryptocurrency industry.
Recent actions have included approving new crypto investment products, scaling back certain enforcement efforts, and reconsidering penalties imposed during previous regulatory crackdowns.
Crypto Prices Remain Under Pressure
Despite the more favorable regulatory environment, cryptocurrency prices have struggled in 2026.
Bitcoin has fallen roughly 30% since Trump's inauguration and was recently trading near $74,000.
Nevertheless, investors appear increasingly focused on the long-term growth potential of crypto infrastructure companies as regulatory barriers continue to ease and new trading products become available in the United States.
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