Coinbase Challenges Binance With Pre-IPO Futures Contracts

Coinbase Global's (COIN) stock price rose 2% on Monday after the company launched pre-IPO perpetual futures contracts tied to artificial intelligence giants OpenAI and Anthropic. This move follows the introduction of similar contracts for Elon Musk's SpaceX earlier this month, marking a growing trend in digital asset platforms offering speculative exposure to highly valued private tech firms.

The launch of ANTHROPIC-PERP and OPENAI-PERP pre-IPO markets on Coinbase coincided with the end of a three-day losing streak. The platform now supports limit, market, stop, and stop-limit orders for both instruments. These perpetual futures contracts are structured to track and speculate on projected valuations based on secondary market trends and publicly disclosed funding rounds.

According to Koyfin, 21 out of 34 analysts rate COIN 'buy' or higher, while 10 say 'hold,' and three rate 'sell.' The average 12-month price target is $229.74. Meanwhile, Binance has also launched pre-IPO perpetual futures for OpenAI and Anthropic, with unique features such as tokenized stock variations and yield opportunities through integrated Web3 wallets.