Shares of Robinhood (HOOD) jumped roughly 11% on Friday to close near $94, its highest level since February, as the Commodity Futures Trading Commission (CFTC) cleared the way for US firms to offer perpetual futures trading. Coinbase (COIN) gained close to 7%, finishing the session near $189, within its consolidation range of roughly $160 to $215. The moves came after the agency announced it would allow exchanges including Kalshi and Coinbase to bring the popular crypto derivative product to US-based investors.
The catalyst was a dual regulatory action from the CFTC: a policy shift permitting perpetuals—a type of futures contract with no expiration—and a no-action letter issued to Coinbase that lets the exchange offer such products to its domestic customers. These steps could open up a significant new revenue stream for US crypto brokers, as perpetuals are among the most heavily traded instruments in global crypto markets. CME Group also expanded its crypto derivatives offering to 24/7 trading, allowing round-the-clock access to Bitcoin and Ethereum futures and options.
Market reaction extended across the sector. Robinhood’s stock led the rally, while Coinbase posted solid gains. The moves signal growing regulatory acceptance of crypto derivatives in the US, potentially drawing liquidity away from offshore platforms. HoOD shares remain elevated, while COIN hovers in the middle of a multi-week consolidation band, suggesting the market is still pricing in the full impact of the regulatory shift.
Some analysts caution that the CFTC’s move may invite increased scrutiny from other regulators, such as the SEC, over classification of crypto assets as commodities versus securities. Additionally, perpetual futures carry high leverage and risk, which could lead to volatile trading activity or retail losses, potentially prompting future restrictions. The long-term adoption of these products by mainstream US investors remains uncertain.