Coinbase is launching pre-IPO perpetual futures with SpaceX stock exposure, making another push into private-market style trading.
Crypto exchange Coinbase said in a June 4 blog post it is launching pre-IPO perpetual futures, with SpaceX as the first listing.
The product is a USDC▲$0.9997-settled perpetual futures contract tied to SpaceX’s pre-IPO price, the blog post reads. It has no expiry and doesn’t require a rollover, the exchange added.
When SpaceX completes an IPO, Coinbase said the contract will automatically transition into a SpaceX perpetual futures contract, keeping exposure open.
Read also: Jamie Dimon Clashes with Coinbase Over Clarity Act as JPMorgan CEO Hardens Crypto Regulation Stance
The key point though is that this isn’t stock ownership. Coinbase said the product gives price exposure, not equity. The product is also not for U.S. users.
As Coinbase clarified, the contracts are offered by Coinbase Bermuda, a Bermuda Monetary Authority-licensed entity, and are available only to eligible users outside the U.S.
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Coinbase Pre-IPO Perps Follow Derivatives Push
The launch comes shortly after Coinbase got a regulatory win in crypto derivatives. In late May, the Commodity Futures Trading Commission (CFTC) allowed Coinbase to give U.S. customers access to crypto options and perps traded on Deribit, the derivatives exchange Coinbase acquired in August last year.
SpaceX is set to be the first company showcased in this platform. However, Coinbase hints at more to come. Pre-IPO perps of tech, AI, energy, space, and other industries are also on the agenda, though it remains unknow yet which firms will follow SpaceX.
The move also comes as pre-IPO and tokenized-stock products are becoming one of the hotter corners of crypto trading. Binance, Coinbase’s key rival on the international scene, also launched a SpaceX-linked pre-IPO perpetual futures product in May.
Tokenized Stock Push Gets Friendlier Backdrop
The launch comes as the regulatory backdrop has completely changed over the past few months.
In May, reports said the U.S. Securities and Exchange Commission was preparing an “innovation exemption” for tokenized stock trading, a move tied to the Trump administration’s push to bring stock-like products onto crypto platforms.
Bloomberg later reported that the plan was delayed after pushback from market participants, who raised concerns over investor rights.
Read more: Polymarket Launches Markets on IPO Timing and Valuations
