Coinbase launches pre
Stocks
Coinbase has launched pre-IPO markets for non-US users, beginning with perpetual futures contracts tied to the valuation of SpaceX. These USDC-settled contracts allow 24/7 trading without expiry, enabling retail investors to gain exposure to private companies that were previously restricted to venture capital and institutional players. Upon a company's eventual public listing, these positions automatically transition into post-IPO perpetual futures. This move highlights a broader industry trend among major exchanges like Kraken, Binance, and Bitget to offer synthetic or tokenized access to private market assets. The initiative reflects growing demand for fractionalized exposure to illiquid assets, a sector currently experiencing significant expansion within the broader RWA market. With the RWA market reaching $51 billion, such products aim to bridge the gap between traditional private equity and crypto-native trading platforms. By targeting high-profile firms like SpaceX, which holds valuations reaching $1.75 trillion, Coinbase is positioning itself to capture market share in the increasingly competitive landscape of private market derivatives.
Key points
- ▸Coinbase launched USDC-settled perpetual futures for SpaceX pre-IPO valuations.
- ▸Product is restricted to eligible users outside the United States.
- ▸Positions automatically convert to post-IPO contracts upon public listing.
- ▸RWA market grew 42% this year to reach $51 billion total value.
Background
Coinbase is a major global cryptocurrency exchange that provides a platform for trading various digital assets and derivatives. The company is increasingly expanding into the tokenization and synthetic representation of real-world assets to provide broader market access. These products typically utilize blockchain-based settlement to offer 24/7 liquidity for assets that traditionally require long-term capital lockups.
Relevance
6/10