Shares of Robinhood and Coinbase rallied in Friday’s final session after U.S. derivatives regulators moved to expand access to crypto perpetual futures, a shift that could bring more onshore trading activity to regulated venues. Robinhood (NASDAQ: HOOD) jumped about 11% to close near $94, its highest level since February, while Coinbase (NASDAQ: COIN) gained roughly 7% to finish around $189.
CFTC actions spark rally
The Commodity Futures Trading Commission (CFTC) said Friday it would allow U.S. firms to offer perpetual futures trading, a product widely used in crypto markets that does not have an expiration date. The agency also issued a no-action letter to Coinbase, indicating CFTC staff would not recommend enforcement action under specified conditions as the exchange enables eligible U.S. customers to access options and perpetuals it already offers.
The developments were seen as catalysts for potential new product launches and higher derivatives volumes on regulated U.S. platforms, supporting the session’s gains in both HOOD and COIN. Coinbase’s close near $189 places it mid-range within a consolidation band of roughly $160 to $215 that has held since late March.
Industry implications
The CFTC’s steps could shift trading that has largely occurred on offshore venues back to U.S.-regulated platforms. Other domestic firms have signaled interest in offering perpetuals, including Gemini and Robinhood, which already provides the product to customers in Europe. Perpetual futures, or “perps,” are a key driver of liquidity in crypto markets, allowing traders to gain long or short exposure without managing contract rollovers.
Analyst views and price targets
Mizuho analyst Dan Dolev characterized the regulatory update as a “massive market opportunity,” noting the potential for Coinbase and others to capture share from offshore competitors. Mizuho raised its price target on Robinhood to $115 from $110. Separately, Citizens reiterated a “market outperform” rating on Robinhood and maintained a $155 price target.
Robinhood’s AI roadmap
Adding to the positive sentiment, Robinhood outlined plans to let users connect artificial intelligence agents to their accounts for trading and credit card purchases. The company said customers will be able to direct AI agents to trade equities in a separate account with user-defined limits, with support for options, event contracts, futures, and additional products expected later.