Coinbase seeks SEC approval for 24/7 leveraged stock perpetuals

Coinbase is taking regulatory steps to offer 24/7 leveraged equity perpetual contracts to US retail investors, filing a notice registration form with the SEC and seeking subsequent CFTC approval. This synthetic product, which tracks stock prices without expiration, is already offered by Coinbase internationally with up to 20x leverage. The push comes as Coinbase attempts to diversify beyond crypto trading following a $359.5 million Q2 2026 loss and a 40% year-over-year stock decline, alongside appointing former xAI CFO Anthony Armstrong to its board.

Coinbase equity perpetuals regulatory filing

• ▪Coinbase filed a comment letter on August 25, 2026, urging the SEC and CFTC to classify equity perpetual derivatives as security futures under US law
• ▪Coinbase Chief Policy Officer Faryar Shirzad stated on September 3, 2026, that Coinbase would need Commodity Futures Trading Commission approval after receiving SEC sign-off
• ▪Coinbase filed a notice registration form with the SEC to obtain approval to list 24/7 equity perpetual contracts for United States investors

24/7 leveraged stock trading mechanics

• ▪Coinbase currently offers international users up to 20x leverage on stock perpetual futures covering major companies including Apple, Microsoft, Alphabet, NVIDIA, and Amazon
• ▪Equity perpetuals are synthetic contracts tracking stock prices that never expire, trade 24/7, and allow investors to make leveraged bets without owning underlying shares

Anthony Armstrong board appointment

• ▪Coinbase appointed Anthony Armstrong, former CFO of Elon Musk's xAI and X, to its board of directors and its Audit and Compliance Committee effective September 1, 2026
• ▪The appointment of Anthony Armstrong increases the total number of Coinbase directors from nine to ten

Coinbase financial performance decline

• ▪Coinbase reported a net loss of $359.5 million on revenue of $1.2 billion for the second quarter of 2026
• ▪Coinbase shares closed at $174.96 on September 2, 2026, representing a decline of over 40% compared to the previous year

Offshore perpetuals market context

• ▪Hyperliquid Labs is seeking to enter the onshore United States market through a deal with Kraken parent company Payward
• ▪The CFTC greenlit KalshiEX and Coinbase to list bitcoin perpetual futures contracts in the United States in May 2026

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