Coinbase expands its crypto derivatives market, launching perpetual futures for AI giants OpenAI and Anthropic following a successful SpaceX rollout.
- Coinbase announced the opening of ANTHROPIC-PERP and OPENAI-PERP pre-IPO market on X.
- The perps pre-IPO market opened on or after 11:00 AM UTC on June 22.
- 21 out of 34 analysts rate the stock ‘buy’ or higher, 10 say ‘hold,’ and three rate ‘sell’ with an average 12-month price target of $229.74, as per Koyfin.
Coinbase Global, Inc. (COIN) share price gained 2% on Monday after the company expanded its crypto derivatives lineup, launching pre-IPO perpetual futures contracts tied to artificial intelligence giants OpenAI and Anthropic.
The launch follows the crypto exchange’s introduction of similar contracts for Elon Musk’s SpaceX earlier this month, marking a growing push by digital asset platforms to offer retail investors speculative exposure to highly valued private tech firms.
Pre-IPO AI Perpetual Futures In Demand
Coinbase Markets announced on X, formerly Twitter, that full trading for its ANTHROPIC-PERP and OPENAI-PERP markets went live on June 22. The platform now supports limit, market, stop, and stop-limit orders for both instruments.
These pre-IPO instruments are structured as perpetual futures, a type of derivative common in crypto markets that lacks an expiration date. Because OpenAI and Anthropic are private entities, these contracts do not represent direct ownership or a claim on actual underlying shares. Instead, they track and speculate on the projected valuations of the companies based on secondary market trends and publicly disclosed funding rounds.
For instance, SpaceX’s pre-IPO perpetual contracts generated approximately $3.2 billion in trading volume and $390 million in open interest between May 17 and June 10, according to data from Talos reported by Reuters. These statistics from Talos consolidated figures across eight different exchanges.
Both AI firms have reportedly filed confidentially for initial public offerings (IPOs), with market experts projecting potential stock market debuts by the end of the year.
COIN Competes With Binance
Ahead of Coinbase’s rollout, Binance launched its own pre-IPO perpetual futures for OpenAI and Anthropic, alongside a highly successful SpaceX contract. Binance’s offerings include unique features such as tokenized stock variations and yield opportunities through integrated Web3 wallets, allowing users to subscribe to expected allocations.
According to Binance, its SpaceX contract saw over $280 million in total trading volume within just five days of its debut, reflecting a robust investor appetite for crypto-native exposure to private-market opportunities.
COIN Stock: Retail View
Retail sentiment on Stocktwits was ‘bullish’ with ‘normal’ message volumes. Retail chatter on Stocktwits jumped by more than 200% from the previous session on COIN stock.
COIN stock has lost about 29.7% year-to-date.
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