Coinbase launches SpaceX pre‑IPO perpetual futures
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- Coinbase launched a perpetual futures contract tied to SpaceX, allowing traders outside the U.S. to get price exposure to the private company before its IPO, settled in USDC.
- Binance entered the pre‑IPO perpetual futures market with SpaceX last month, showing early competition.
- Bitcoin fell to $61,340.71 on Thursday, its lowest level since Feb. 6, underscoring a broader crypto slump.
- CFTC approved the first regulated U.S.-listed perpetual futures on Kalshi last week, sparking a landgrab for perps.
- SpaceX is expected to go public next week, at which point the pre‑IPO perpetual futures will convert into regular perpetual futures on its stock.
Why it matters: Non‑U.S. traders gain a new lever to speculate on SpaceX’s valuation, while Coinbase diversifies revenue beyond spot crypto as Bitcoin slides to $61k, and private firms see broader investor access before IPOs.
