Coinbase submits U.S. perpetual futures application, COIN shares surge 10%

Coinbase's (COIN) share price surged 10% on SEC perpetual contract applications

Coinbase received a strong performance on Thursday. Coinbase Global Inc. (Nasdaq: COIN) shares closed up more than 10%, jumping to $192.70 from $174.96.

The rise stems from Coinbase's filing with the U.S. Securities and Exchange Commission to provide perpetual contracts for stocks to U.S. traders. This is a major milestone for this cryptocurrency exchange. At the same time, Bitcoin is on a rebound and Washington is moving closer to passing new crypto regulations. Traders are currently asking a simple question: How high can COIN's share price rise next?

Today's COIN Stock Price Key Indicator

Indicator Value Price $192.70 Increase +$17.74 (+10.14%) Current day range $181.00 - $195.8552 Week range $139.11 - $402.16 Market value $50.841 billion Trading volume 13,702,150 Average trading volume 8,535,266 Beta value (5-year monthly) 3.36 Expected earnings date October 29, 2026 One-year target price is estimated at $198.97 Despite a surge on Thursday, COIN shares remain well below its 52-week high of $402.16. This suggests that even after its recent rebound, the stock has lost a lot of value over the past year.

What documents did Coinbase file with the SEC?

The company filed two notification registration documents with the SEC on September 1. Each document covers a different part of the company's plan:

• Coinbase DerivativesForm 1-N was submitted. This form is used by exchanges wishing to list securities and futures products.
• Coinbase Financial Markets submitted Form BD-N. This allows the company to participate in securities and futures trading as a limited purpose broker-dealer.

Faryar Shirzad, chief policy officer at Coinbase, said the documents are the first step towards introducing equity perpetual contracts into local regulation. The next step is to obtain product approval from the Commodity Futures Trading Commission (CFTC).

Why is a single stock perpetual contract significant?

Coinbase has offered equity perpetual contracts outside the United States of America. Traders there can access exposure to companies such as Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, as well as SPY and QETFs, without holding actual shares. These contracts are settled in USDC and use funding rates to maintain prices close to actual share prices.

Introducing the product to the United States will open up a huge new revenue stream for Coinbase, while also allowing the company to compete more directly with traditional brokerages. No release dates, stock listings or leverage limits have been announced.

Why did COIN share price rise 10% today?

The filing was not the only reason for the stock price's rise. The following factors played a role at the same time:

• Bitcoin rebounded strongly that day.
• The company reported positive adjusted EBITDA for the 14th consecutive quarter.
• The company accounted for a record 10.3% of global cryptocurrency transactions.
• Federal Reserve Governor Christopher Waller signaled that he may support keeping interest rates unchanged.

Coinbase CEO Brian Armstrong also said he is confident that the Digital Asset Market Clarification Act will be passed by the Senate in September. The bill would establish clearer federal rules for crypto assets, which could help attract previously wait-and-see institutional investors to Coinbase's platform.

Is the current COIN stock price bullish or bearish?

On Wednesday, COIN tested the support level of its 100-day moving average. On Thursday, shares rebounded directly to the 200 SMA/EMA resistance zone around $195 to $200, where sellers stepped in.

The 50-day moving average is starting to curve upwards, which is usually an early signal that the mid-term trend may turn back to bullish.

Horizontal price implications Resistance level $195 - $200200 SMA/EMA region, sellers are active on this extended target $210 - $220 If $200 is recovered, extended target $230 Extended target support level for bullish scenarios $190 - $195 must be held to maintain deeper support for the bullish structure $173 - $175 If $190 falls below, The EMA supports the main bottom of $139 and the recent swing low of the Relative Strength Index (RSI) above 60, indicating that buyers are dominant but the stock is not yet seriously overbought. COIN has also recently broken through the rising flag shape. Combined with the rise in the 50-day moving average and the successful test of the 100-day moving average, the overall structure is biased towards bullish.

Coinbase Price Forecast: What could happen next?

A daily close above $200 would be a strong signal. If momentum continues, this could open the door to $210 to $220, with $230 as a further extension target.

Conversely, if COIN loses the US$190 mark, the possibility of a correction to the US$173-US$175 support area will increase.

Regulation is still the bigger story here. If the Digital Asset Market Clarification Act advances in the Senate as Armstrong expects, it could provide the stock with a longer track to expand products such as single-stock perpetual contracts. If the bill stagnates, sentiment could cool as quickly as it warms up.

Nothing is certain here. COIN's share price has fluctuated sharply over the past year, and SEC filings are only early steps, not a finish line.

Disclaimer : This article is for reference only and does not constitute financial, investment or trading advice. Cryptocurrency and stock markets are highly volatile and unpredictable. Be sure to conduct independent research and consult a licensed financial adviser before making any investment decisions. Past performance does not represent future results.