Exchange Stocks Sink Up to 8% as Bitcoin Perpetual Futures Approval Stokes Competitive Threat
Updated
Updated · CNBC · Jun 2
Exchange Stocks Sink Up to 8% as Bitcoin Perpetual Futures Approval Stokes Competitive Threat
3 articles · Updated · CNBC · Jun 2
Cboe fell nearly 8% Tuesday, CME dropped more than 2%, Nasdaq slid about 5% and ICE lost over 1% as investors sold exchange operators after U.S. approval of bitcoin perpetual futures.
The trigger was the CFTC's approval last week for Kalshi to offer bitcoin perps—contracts with no expiry—raising fears similar products could spread to equities and challenge incumbent exchange franchises.
Barclays warned perps could pressure CME and Cboe retail-facing index products, while Kalshi CEO Tarek Mansour said the platform plans to expand beyond bitcoin into a market he pegged at more than $90 trillion in annual volume.
Some analysts called the selloff excessive: RBC said structural differences, clearing-house leverage limits and limited institutional demand should contain the threat, and Piper Sandler said a rival perps venue still represents less than 1% of comparable ICE and CME volume.
Which real-world asset will be the next to be transformed by the 24/7 trading of perpetual futures?
With perpetuals now onshore, can US regulators prevent the cascading liquidations seen in offshore crypto markets?
Are high-leverage 'perps' the innovation that will finally upend Wall Street's most profitable products?
CFTC Approves First U.S. Bitcoin Perpetual Futures: $61.7 Trillion Global Market Comes Onshore, Reshaping American Finance
Overview
On May 29, 2026, the Commodity Futures Trading Commission (CFTC) approved Kalshi to offer the first regulated Bitcoin perpetual futures in the U.S., giving American investors access to a popular crypto derivatives product within a compliant framework. This regulatory milestone is expected to profoundly impact American businesses and the broader derivatives market by enhancing market integrity, improving capital allocation and risk management, and attracting more institutional capital. Kalshi’s CEO highlighted this approval as a crucial step in evolving into a next-generation derivatives exchange, signaling ambitions to expand offerings and further shape the U.S. financial landscape.