The new contracts aim to give offshore eligible users exposure to private companies before any public listing, addressing limited access in private markets.
Coinbase has launched pre-IPO perpetuals tied to OpenAI and Anthropic for eligible traders outside the United States. The exchange said the products are designed to give users exposure to private companies before they go public, targeting a long-standing access gap in private markets. Perpetuals (futures contracts without expiry) are widely used in crypto trading to take directional exposure without holding the underlying asset, and Coinbase is applying that structure to companies that remain privately held.