Coinbase is expanding the infrastructure for its event-contract business by using ION’s XTP for Event Contracts to support Kalshi trading through the Coinbase app. The system is designed for real-time execution and clearing, automated 24/7 operations and onboarding of tens of thousands of accounts daily. XTP handled Kalshi’s first one million trades over Super Bowl weekend and supports settlement, reporting and multiexchange connectivity for Futures Commission Merchants. Coinbase and Kalshi began working with ION in December 2025, while Coinbase’s integration plan targets contracts on elections, sports and economic indicators, with trades starting at $1. Kalshi reached $34.5 billion in cumulative notional volume by late January 2026 and reportedly raised $1 billion at an $11 billion valuation. Coinbase shares rose 1.85% to $182.25 in Wednesday premarket trading as Nasdaq and S&P 500 futures fell 0.47% and 0.31%, respectively. Analysts assign Coinbase a Buy rating, with an average price forecast of $219.11 across 44 analysts. The stock also has sizable weights in several ETFs, potentially creating automatic buying or selling when those funds experience significant flows.