- Coinbase has launched pre-IPO perpetual futures for AI giants OpenAI and Anthropic, expanding its crypto derivatives offerings.
- The contracts, which began full trading on June 22, offer speculative exposure to the valuations of private tech companies without direct ownership.
- The move follows a similar successful rollout for SpaceX and places Coinbase in direct competition with Binance in this emerging market.
- Retail sentiment on COIN stock turned bullish after the news, with message volume jumping over 200% on platforms like Stocktwits.
Coinbase announced the expansion of its crypto derivatives market on Monday, launching perpetual futures contracts tied to Artificial Intelligence leaders OpenAI and Anthropic after a successful SpaceX rollout. Consequently, the Coinbase Global, Inc. (COIN) share price gained 2% as the exchange pushes to offer retail investors speculative access to highly valued private firms. The pre-IPO market for ANTHROPIC-PERP and OPENAI-PERP opened on or after 11:00 AM UTC on June 22, as announced on X. However, these derivatives do not represent direct ownership but instead track projected valuations based on secondary market trends. For instance, similar contracts for SpaceX generated approximately $3.2 billion in trading volume between May 17 and June 10, according to data from Talos reported by Reuters. Both AI firms have reportedly filed confidentially for IPOs, with potential market debuts projected by year’s end. Meanwhile, Coinbase competes directly with Binance, which also launched its own pre-IPO perpetual futures for these AI companies. Binance’s SpaceX contract saw over $280 million in trading volume within five days, reflecting strong investor appetite. Furthermore, retail sentiment on COIN stock was ‘bullish’ with ‘normal’ message volumes on Stocktwits. Chatter on the platform jumped by more than 200% from the previous session following the news.
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