Coinbase has launched a new derivatives product that allows eligible users outside the U.S. to trade changes in valuation prior to a company’s public listing. The first listed asset is SpaceX, with contracts settled in USDC, offering 24/7 trading and no expiration date.
The first underlying asset is SpaceX.
This product was announced by Brian Armstrong, CEO of Coinbase. According to the platform, the perpetual contract will be available to both institutional and retail users prior to launch, but only eligible non-U.S. users may participate.
Unlike traditional private markets, these products provide exposure through cryptocurrency trading infrastructure, allowing users to trade on related valuation changes without directly holding equity in private companies.
The contract is settled in USDC.
Coinbase stated that the relevant contracts will be settled in USDC and will offer 24/7 trading. Since the product is structured as perpetual contracts, there will be no fixed expiration date.
This design follows common mechanisms in the crypto derivatives market, bringing transactions related to private companies closer to the product structures familiar to on-chain and crypto platform users.
Automatic switch after listing
According to Coinbase’s arrangement, once the relevant company completes its initial public offering, users’ positions will be automatically converted into standard perpetual contracts, allowing the product to continue trading seamlessly after the company transitions from a private to a public entity.
Coinbase's launch of this new product signifies its effort to bring private market valuation trading onto the crypto轨道, expanding how users can access pricing for private company assets through crypto platforms.