Shares of Coinbase Global (COIN), the operator of the Coinbase cryptocurrency exchange, closed sharply higher on Friday, ending the session at $194.25, up 11.66% — roughly 12% when rounded — after trading as high as $196.20 during the day. Trading volume reached about 21.4 million units.

The rally came as Bitcoin climbed back above $80,000, gaining nearly 6% on Friday, and as Coinbase moved to file with U.S. regulators to bring single-stock perpetual futures to American traders. The filing marks the exchange's latest push to expand its regulated derivatives business beyond cryptocurrency products.

Coinbase Files With the CFTC for Single-Stock Perpetual Futures

Coinbase Derivatives filed with the Commodity Futures Trading Commission (CFTC) on Sept. 18 to list single-stock perpetual futures. The CFTC currently lists the application as "Approval Pending."

Coinbase announced the filing in a post on X on Sept. 18:

Single stock perps are coming to America. Coinbase has filed to list the first set of single stock perpetual futures in the US. Building on the progress of our live perps market, we're working to bring liquid, 24/5 exposure to individual stocks in the US for the first time. pic.twitter.com/NPm14LK3UR

— Coinbase 🛡️ (@coinbase) September 18, 2026

Post on X

The Wall Street Journal reported that Coinbase initially plans to offer perpetual futures linked to roughly 50 to 60 U.S. stocks. Apple, Microsoft, Tesla and Nvidia — among the largest U.S.-listed companies — are among the names expected to be included.

Coinbase Targets 24/5 Stock Trading

The proposed products would give U.S. traders 24/5 exposure to individual stocks through futures contracts, a schedule that would extend beyond the fixed trading hours of traditional equity markets. U.S. stock exchanges hold their core sessions on weekdays from 9:30 a.m. to 4 p.m. Eastern Time, with only limited pre-market and after-hours windows outside those bounds. Unlike conventional futures, perpetual contracts do not have a fixed expiration date. Positions can remain open for as long as traders meet the required margin conditions, while funding payments help keep the contract price close to the value of the underlying stock.

The products can also offer leveraged exposure, which allows traders to control a larger position with less capital while also increasing potential losses.

Coinbase described the filing as an effort to bring to equities a contract type that has long been popular in crypto markets, and said the contracts still require regulatory clearance before trading can begin. The CFTC filing classifies the proposed product as a security futures product and a single-stock future, with a filing date of Sept. 18. That classification matters because security futures sit at the intersection of two U.S. regulatory regimes: the CFTC reviews the futures contract itself, while securities law governs the exchange that would list it.

Coinbase has already taken another regulatory step toward launching the products. Coinbase Derivatives filed a Form 1-N with the Securities and Exchange Commission on Sept. 1 to register as a national securities exchange for security futures, a filing that relates to the securities side of the proposed products.

Coinbase Expands Stock Products

Coinbase already offers stock perpetual futures to eligible customers outside the United States. The company launched those contracts in March with products tracking major U.S. stocks and indexes, with Apple and Nvidia among the names included in the international rollout. U.S. customers were excluded from those products at launch.

The company already offers perpetual-style cryptocurrency futures through its U.S. derivatives operation, and the new filing would extend that product family to individual equities for American customers.

Friday's stock move also came during a wider rebound in crypto-linked names. Coinbase had risen 5.75% on Thursday before gaining another 11.66% on Friday, taking the two-session advance to roughly 18%.

Bitcoin was another factor behind the move. The cryptocurrency finished Friday around $80,882 after rising nearly 6%, having traded above $81,000 during the session.

Regulatory Backdrop

U.S. regulators have also been considering new frameworks for products that combine traditional securities with digital-asset infrastructure. On Sept. 17, the SEC introduced a five-year exemption covering certain tokenized-stock trading arrangements. Taken together, the two tracks show regulators working through how equity exposure delivered with crypto-market mechanics — whether tokenized shares or perpetual-style contracts — fits within existing rules.

Coinbase's single-stock perpetual futures are not yet available to U.S. customers. The CFTC's Sept. 18 record continues to list the company's proposed contract as pending approval, leaving the timing of a U.S. launch dependent on regulatory clearance. Markers to watch include any change in the CFTC's "Approval Pending" status, SEC action on the Form 1-N registration, and confirmation of the initial 50-to-60-stock lineup reported by The Wall Street Journal.

Source: CoinCentral