Following the success of its SpaceX Perpetual Future, Coinbase Global COIN has expanded its pre-IPO trading platform with offerings tied to OpenAI and Anthropic. Beyond reinforcing its ambition to become an “everything exchange,” this initiative represents a significant step in broadening Coinbase’s capital markets infrastructure and evolving from a crypto-focused trading venue into a more diversified global financial marketplace.
Traditionally, access to high-growth private companies has been limited to venture capital firms, institutional investors and wealthy individuals. By leveraging blockchain-based infrastructure to provide compliant pre-IPO exposure, Coinbase can democratize access to private markets and tap into substantial unmet retail investor demand.
The addition of OpenAI and Anthropic is especially notable given AI’s position as one of the most capital-intensive and closely followed sectors in global markets. Strategically, these products could help Coinbase reduce its dependence on the cyclical nature of crypto trading volumes, which are heavily influenced by market sentiment. Tokenized private securities and pre-IPO products offer the potential for new, recurring revenue streams while creating an emerging asset class centered on private-market exposure.
If successfully executed, Coinbase could evolve into a comprehensive digital brokerage and alternative asset marketplace. The launch also aligns with the company’s broader strategy of building a pipeline of pre-IPO perpetual futures across sectors such as technology, AI, energy, and space. Overall, the initiative underscores Coinbase’s ambition to become a core infrastructure provider for next-generation capital markets.
What About its Competitors?
Robinhood Markets HOOD is expanding into crypto derivatives, driving trading activity and diversifying revenues. By offering perpetual futures in Europe and micro futures for Bitcoin, Solana and XRP, Robinhood attracts active traders and improves margins. This strengthens Robinhood’s competitiveness while enhancing results beyond equities and traditional spot crypto trading.
Interactive Brokers Group’s IBKR involvement in crypto derivatives boosts its platform by providing Bitcoin and Ether futures and options. Interactive Brokers appeals to both institutional and retail traders seeking regulated exposure. This expansion enables Interactive Brokers to diversify revenues, strengthen competitiveness, increase trading volumes and capture sustainable long-term growth opportunities.
COIN’s Price Performance
Shares of COIN have lost 26.1% in the year-to-date period, underperforming the industry.
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COIN’s Expensive Valuation
COIN trades at a price-to-earnings ratio of 52.11, significantly above the industry average of 10.23.
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Estimate Movement for COIN
The Zacks Consensus Estimate for COIN’s second-quarter 2026 earnings per share (EPS) has moved south in the last 30 days. The consensus estimate for full-year 2026 and 2027 EPS has moved north in the last 30 days.
Image Source: Zacks Investment Research
The consensus estimate for COIN’s 2026 revenues and earnings indicates year-over-year decreases. Nonetheless, the consensus estimate for 2027 revenues and earnings indicates an increase.
COIN stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).