Coinbase shares surged 10.14% on September 3, closing at $192.70 after gaining $17.74 from the prior session’s $174.96, as the exchange pushed forward with regulatory filings aimed at bringing U.S. stock perpetual contracts to American investors.
The rally came alongside a broader rebound in crypto-linked equities and U.S. markets. Bitcoin traded near $81,759 after gaining about 6%, while Robinhood shares rose 17%. The S&P 500 advanced 1.06% and the Nasdaq Composite gained 1.40% after Federal Reserve Governor Christopher Waller’s comments. COIN trading volume jumped to roughly 13.64 million shares from 5.20 million a day earlier, and the stock reached an intraday high of $195.85.
Company-specific catalysts added to the momentum. Coinbase disclosed that its derivatives units filed two notice registrations dated September 1. Coinbase Derivatives, LLC submitted Form 1-N to the Securities and Exchange Commission, and Coinbase Financial Markets, Inc. submitted Form BD-N under the Securities Exchange Act as a security-futures-product broker-dealer.
Chief Policy Officer Faryar Shirzad called the registrations the first step, noting that Commodity Futures Trading Commission product approval would come next. He said equity perpetuals have already attracted demand outside the United States. Coinbase currently offers stock perpetuals to eligible non-U.S. users, with contracts that settle in USD Coin and track listed equities without transferring share ownership.
The proposed products would differ from ordinary shares because perpetuals have no fixed expiration date and can provide leveraged exposure without requiring direct ownership of the underlying stock. Coinbase has not yet disclosed proposed U.S. leverage, margin terms, or eligible customer categories.
Regulators are already weighing broader perpetual-market questions. In May, CFTC staff allowed Coinbase and KalshiEX to advance plans involving Bitcoin perpetual futures contracts, and the regulator later requested public comments on crude oil perpetual contracts and round-the-clock derivatives trading. Hyperliquid has also been pursuing a regulated U.S. entry, with CFTC Chair Michael Selig reportedly working to bring the decentralized perpetuals platform into the American market legally, while Hyperliquid Labs explored a possible domestic route through Payward, the parent company of Kraken.
Traders are watching technical levels in COIN. Some cited $235 as a potential target if momentum continues, about 22% above the September 3 close, though that remains a trader projection rather than company guidance. The next verifiable corporate catalyst is expected at Citi’s Global TMT Conference on September 10, where Coinbase CFO Alesia Haas is scheduled to speak.
