Coinbase Launches SpaceX Pre-IPO Perps for Non-U.S. Traders as Bitcoin Slides to $61,340
Updated
Updated · CNBC · Jun 4
Coinbase Launches SpaceX Pre-IPO Perps for Non-U.S. Traders as Bitcoin Slides to $61,340
3 articles · Updated · CNBC · Jun 4
Summary
Coinbase on Thursday rolled out a SpaceX pre-IPO perpetual futures contract, letting non-U.S. customers bet on the private company's valuation without owning shares.
The USDC-settled product tracks SpaceX's private-market value and fits Coinbase's push to broaden its "Everything Exchange" lineup as spot-crypto trading weakens.
More than 70% of centralized crypto-exchange volume comes from perpetual futures, and Binance launched a similar SpaceX pre-IPO perp last month, underscoring a widening race for the market.
Bitcoin fell to $61,340.71 on Thursday, its lowest since Feb. 6, adding pressure on exchanges to find new trading products and revenue sources.
Coinbase said SpaceX is the first in a planned pipeline covering AI, energy and space, with the contract set to convert into a regular perp if SpaceX goes public.