Coinbase and Kalshi Launch Perpetual Futures, Sparking Competition Concerns
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Source: seekingalpha
- Increased Market Competition: The recent launch of perpetual futures by Coinbase and Kalshi has led to declines in the stock prices of Cboe Global Markets, CME Group, and Intercontinental Exchange, with CBOE down 6.90% to $280.23, CME down 3.22% to $249.47, and ICE down 3.18% to $140.35, indicating market concerns over new competitors.
- Potential of Perpetual Futures Market: Coinbase stated that the global crypto derivatives market has a trading volume of approximately trillions of dollars, with crypto perpetual futures and options accounting for 80% of that volume, highlighting the immense potential and appeal of this market, especially for U.S. customers.
- Kalshi's Product Expansion: Kalshi announced the launch of perpetual futures contracts, allowing U.S. investors to trade Bitcoin perpetual futures on its platform, with CEO Tarek Mansour emphasizing that this product represents the company's most significant expansion since the introduction of event contracts, further solidifying its position as a full-service financial exchange.
- Flexibility in Trading Mechanism: Kalshi's perpetual futures allow investors to choose leverage ratios, enabling them to respond flexibly to Bitcoin price fluctuations, with Mansour noting that investors can opt for 1:1 or 5:1 leverage, enhancing market participation flexibility and attractiveness.
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Analyst Views on CBOE
Wall Street analysts forecast CBOE stock price to fall
8 Analyst Rating
2 Buy
5 Hold
1 Sell
Hold
Current: 300.990
Low
240.00
Averages
290.86
High
317.00
Current: 300.990
Low
240.00
Averages
290.86
High
317.00
About CBOE
Cboe Global Markets, Inc. is a derivatives and securities exchange network delivering trading, clearing, and investment solutions. The Company provides trading solutions and products in equities, derivatives, and foreign exchange (FX). Its segments include Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, as well as on the stocks of individual corporations and on exchange-traded products (ETPs) such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs), which are multi-listed options and listed on a non-exclusive basis. The North American Equities segment includes United States equities and ETP transaction services that occur on fully electronic exchanges. The Europe and Asia Pacific segment includes derivatives transaction services, ETPs, including exchange-traded funds, exchange-traded notes, exchange-traded commodities, and international depository receipts.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Coinbase and Kalshi Launch Perpetual Futures, Sparking Competition Concerns
- Increased Market Competition: The recent launch of perpetual futures by Coinbase and Kalshi has led to declines in the stock prices of Cboe Global Markets, CME Group, and Intercontinental Exchange, with CBOE down 6.90% to $280.23, CME down 3.22% to $249.47, and ICE down 3.18% to $140.35, indicating market concerns over new competitors.
- Potential of Perpetual Futures Market: Coinbase stated that the global crypto derivatives market has a trading volume of approximately trillions of dollars, with crypto perpetual futures and options accounting for 80% of that volume, highlighting the immense potential and appeal of this market, especially for U.S. customers.
- Kalshi's Product Expansion: Kalshi announced the launch of perpetual futures contracts, allowing U.S. investors to trade Bitcoin perpetual futures on its platform, with CEO Tarek Mansour emphasizing that this product represents the company's most significant expansion since the introduction of event contracts, further solidifying its position as a full-service financial exchange.
- Flexibility in Trading Mechanism: Kalshi's perpetual futures allow investors to choose leverage ratios, enabling them to respond flexibly to Bitcoin price fluctuations, with Mansour noting that investors can opt for 1:1 or 5:1 leverage, enhancing market participation flexibility and attractiveness.
See More
Bitcoin Perpetual Futures Approval Triggers Exchange Stock Plunge
- Market Reaction: CME Group's stock fell over 3% on Tuesday, with a total decline of around 9% over two days, poised for its largest weekly drop since 2020, indicating significant market anxiety regarding new trading products.
- Cboe Market Impact: Cboe Global Markets plunged 8% in Tuesday trading, bringing its weekly losses to over 16%, also on track for its largest weekly decline since 2020, reflecting investor panic over perpetual futures.
- Regulatory Approval Consequences: The CFTC's recent approval of bitcoin perpetual futures has raised concerns that this new product could pose a competitive threat to traditional exchanges, particularly affecting CME and CBOE's S&P products.
- Strong Market Demand: Kalshi's CEO noted that despite regulatory barriers preventing U.S. investor participation, perpetual futures see over $90 trillion in annual volume, highlighting a robust demand for these products in the U.S. market.
See More
Cboe Secures SEC Approval for Extended Trading Hours
- Trading Hours Expansion: Cboe Global Markets has received SEC approval to begin offering extended trading hours for multi-listed equity options starting July 13, indicating a proactive strategy in market competition.
- New Trading Sessions: The new trading hours will include a pre-market session from 7:30 AM to 9:25 AM ET and a post-market session from 4:00 PM to 4:15 PM ET, Monday to Friday, which is expected to attract more investors and enhance market liquidity.
- Initial Stock Offerings: Approximately 20 stocks, including the Magnificent 7 such as Nvidia, Tesla, and Apple, along with popular names like Palantir, Broadcom, and AMD, are expected to be available for trading at launch, highlighting Cboe's focus on high-demand equities.
- Market Safeguards: By initially launching with a select group of single-name options, Cboe is taking a measured approach to ensure market safeguards and investor protections remain intact, which will help align options trading with their underlying securities in a near 24x5 trading environment.
See More
Cboe Appoints New Risk Management Executive
- Executive Appointment: Cboe Global Markets has appointed Boudewijn Duinstra to lead its global risk management function, aiming to enhance its enterprise risk framework and operational resilience, which is expected to positively impact corporate governance.
- Extensive Experience: With over 30 years in risk management, clearing, and derivatives, Duinstra previously served as CEO of ABN AMRO Clearing USA, and his expertise is anticipated to significantly support Cboe's future growth.
- Strategic Importance: Cboe CEO Craig Donohue noted that Duinstra's deep enterprise risk knowledge and operational leadership will be crucial as the company scales its capabilities globally, particularly in derivatives and clearing.
- Market Reaction: Although Cboe's stock dipped 0.1% in after-hours trading, the company expects to achieve annualized expense savings of $100 million to $120 million by lowering its 2026 adjusted operating expense guidance to $838 million to $853 million.
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- Executive Engagement Opportunity: The event will provide investors with a chance to engage directly with the executive team, allowing shareholders to give feedback, thereby enhancing the connection between the company and its investors and improving shareholder satisfaction.
- Facility Tour Activities: Following the Annual General Meeting, investors will be invited to tour the company's operational facility, experiencing firsthand the progress made, which not only helps build investor trust but also showcases the company's leading position in the industry.
- Brand Commitment and Market Positioning: As one of the fastest-growing vertically integrated cannabis companies in the U.S., Glass House reaffirms its commitment to the California market through this event, aiming to meet consumer demands via continuous brand development and product innovation.
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- Storage Companies Benefit: Firms such as Seagate and Western Digital are favored by investors due to rising demand for memory and data infrastructure, further solidifying their market positions and reflecting a sustained preference for tech stocks.
- Defensive Stocks Under Pressure: Defensive consumer and healthcare stocks like Zoetis and Abbott are trading significantly below their long-term trends, illustrating a shift in investor preference towards high-beta tech stocks, resulting in severe overselling of these names.
- Cautious Sentiment in Software Sector: IT services and enterprise software companies, including Accenture and ServiceNow, feature prominently on the oversold list, indicating investor caution regarding the software trade amid slowing corporate spending and potential long-term disruptions from generative AI tools.
See More
Coinbase and Kalshi Launch Perpetual Futures, Sparking Competition Concerns
- Increased Market Competition: The recent launch of perpetual futures by Coinbase and Kalshi has led to declines in the stock prices of Cboe Global Markets, CME Group, and Intercontinental Exchange, with CBOE down 6.90% to $280.23, CME down 3.22% to $249.47, and ICE down 3.18% to $140.35, indicating market concerns over new competitors.
- Potential of Perpetual Futures Market: Coinbase stated that the global crypto derivatives market has a trading volume of approximately trillions of dollars, with crypto perpetual futures and options accounting for 80% of that volume, highlighting the immense potential and appeal of this market, especially for U.S. customers.
- Kalshi's Product Expansion: Kalshi announced the launch of perpetual futures contracts, allowing U.S. investors to trade Bitcoin perpetual futures on its platform, with CEO Tarek Mansour emphasizing that this product represents the company's most significant expansion since the introduction of event contracts, further solidifying its position as a full-service financial exchange.
- Flexibility in Trading Mechanism: Kalshi's perpetual futures allow investors to choose leverage ratios, enabling them to respond flexibly to Bitcoin price fluctuations, with Mansour noting that investors can opt for 1:1 or 5:1 leverage, enhancing market participation flexibility and attractiveness.
See More
Bitcoin Perpetual Futures Approval Triggers Exchange Stock Plunge
- Market Reaction: CME Group's stock fell over 3% on Tuesday, with a total decline of around 9% over two days, poised for its largest weekly drop since 2020, indicating significant market anxiety regarding new trading products.
- Cboe Market Impact: Cboe Global Markets plunged 8% in Tuesday trading, bringing its weekly losses to over 16%, also on track for its largest weekly decline since 2020, reflecting investor panic over perpetual futures.
- Regulatory Approval Consequences: The CFTC's recent approval of bitcoin perpetual futures has raised concerns that this new product could pose a competitive threat to traditional exchanges, particularly affecting CME and CBOE's S&P products.
- Strong Market Demand: Kalshi's CEO noted that despite regulatory barriers preventing U.S. investor participation, perpetual futures see over $90 trillion in annual volume, highlighting a robust demand for these products in the U.S. market.
See More
Cboe Secures SEC Approval for Extended Trading Hours
- Trading Hours Expansion: Cboe Global Markets has received SEC approval to begin offering extended trading hours for multi-listed equity options starting July 13, indicating a proactive strategy in market competition.
- New Trading Sessions: The new trading hours will include a pre-market session from 7:30 AM to 9:25 AM ET and a post-market session from 4:00 PM to 4:15 PM ET, Monday to Friday, which is expected to attract more investors and enhance market liquidity.
- Initial Stock Offerings: Approximately 20 stocks, including the Magnificent 7 such as Nvidia, Tesla, and Apple, along with popular names like Palantir, Broadcom, and AMD, are expected to be available for trading at launch, highlighting Cboe's focus on high-demand equities.
- Market Safeguards: By initially launching with a select group of single-name options, Cboe is taking a measured approach to ensure market safeguards and investor protections remain intact, which will help align options trading with their underlying securities in a near 24x5 trading environment.
See More
Cboe Appoints New Risk Management Executive
- Executive Appointment: Cboe Global Markets has appointed Boudewijn Duinstra to lead its global risk management function, aiming to enhance its enterprise risk framework and operational resilience, which is expected to positively impact corporate governance.
- Extensive Experience: With over 30 years in risk management, clearing, and derivatives, Duinstra previously served as CEO of ABN AMRO Clearing USA, and his expertise is anticipated to significantly support Cboe's future growth.
- Strategic Importance: Cboe CEO Craig Donohue noted that Duinstra's deep enterprise risk knowledge and operational leadership will be crucial as the company scales its capabilities globally, particularly in derivatives and clearing.
- Market Reaction: Although Cboe's stock dipped 0.1% in after-hours trading, the company expects to achieve annualized expense savings of $100 million to $120 million by lowering its 2026 adjusted operating expense guidance to $838 million to $853 million.
See More
Glass House to Host Fifth Annual Investor Sesh for Shareholder Engagement
- Investor Event Announcement: Glass House Brands will hold its fifth annual Investor Sesh on June 18, 2026, at its flagship facility in Camarillo, California, aimed at appreciating investor support and demonstrating company transparency, which is expected to attract numerous shareholders.
- Executive Engagement Opportunity: The event will provide investors with a chance to engage directly with the executive team, allowing shareholders to give feedback, thereby enhancing the connection between the company and its investors and improving shareholder satisfaction.
- Facility Tour Activities: Following the Annual General Meeting, investors will be invited to tour the company's operational facility, experiencing firsthand the progress made, which not only helps build investor trust but also showcases the company's leading position in the industry.
- Brand Commitment and Market Positioning: As one of the fastest-growing vertically integrated cannabis companies in the U.S., Glass House reaffirms its commitment to the California market through this event, aiming to meet consumer demands via continuous brand development and product innovation.
See More
Semiconductor Stocks Surge, Defensive Stocks Under Pressure
- Semiconductor Stocks Shine: Companies like Intel, Micron, and Seagate have surged over 40% in 2026, significantly exceeding their 200-day moving averages, indicating a robust momentum driven by AI and data center trades that are reshaping market dynamics.
- Storage Companies Benefit: Firms such as Seagate and Western Digital are favored by investors due to rising demand for memory and data infrastructure, further solidifying their market positions and reflecting a sustained preference for tech stocks.
- Defensive Stocks Under Pressure: Defensive consumer and healthcare stocks like Zoetis and Abbott are trading significantly below their long-term trends, illustrating a shift in investor preference towards high-beta tech stocks, resulting in severe overselling of these names.
- Cautious Sentiment in Software Sector: IT services and enterprise software companies, including Accenture and ServiceNow, feature prominently on the oversold list, indicating investor caution regarding the software trade amid slowing corporate spending and potential long-term disruptions from generative AI tools.
See More
