Coinbase, Strategy and BitMine Shares Climb After US Regulatory Breakthrough

TL;DR:

• Regulatory approval: The Commodity Futures Trading Commission (CFTC) authorized the trading of single-stock perpetual futures contracts on registered U.S. markets.
• Stock price reaction: Coinbase gained 6.42% ($146.68), BitMine rose 5.19% ($20.55), and Strategy rallied 4.36% ($136.46) during trading on November 3, 2026.
• Parallel financial pressure: Morgan Stanley cut its price target for Coinbase from $258 to $120 on November 2, 2026, also downgrading its investment rating to underweight.

Coinbase shares led the crypto sector’s stock market advance on Tuesday, November 3, after U.S. regulators enabled trading in single-stock perpetual futures contracts.

Michael S. Selig, Chairman of the CFTC, confirmed the measure, detailing that the contracts known as Equity Perps were approved under Commission Rule 40.3. This framework classifies the instruments as security futures products pursuant to the Commodity Futures Modernization Act of 2000.

During Tuesday’s session, Coinbase Global (NASDAQ: COIN) posted a 6.42% gain to stand at $146.68. The stock’s intraday trading range fluctuated between a low of $137.89 and a high of $150.51. Meanwhile, trading volume totaled approximately 6.98 million shares, a figure below the usual average volume of 9.17 million shares recorded by Yahoo Finance as of 18:40 UTC.

Other digital ecosystem-linked entities posted similar positive performance on the same date. BitMine Immersion Technologies (NYSE: BMNR) shares rose 5.19% to trade at $20.55, while Strategy (NASDAQ: MSTR) recorded a 4.36% gain to reach $136.46. In turn, Circle Internet Group (NYSE: CRCL) climbed 5.41% to $75.98, while brokerage firm Robinhood Markets (NASDAQ: HOOD) saw a 1.46% advance to $85.06.

The market report specifies that each of these companies maintains distinct business models within the technology and financial sectors. Coinbase operates as a digital asset exchange platform, Strategy manages an institutional treasury heavily allocated to Bitcoin, BitMine manages infrastructure and mining holdings, Circle issues the USDC stablecoin, and Robinhood provides combined retail brokerage services. Industry analysts note that the concurrent rallies do not provide conclusive evidence that the regulatory decision was the sole valuation catalyst.

CFTC and SEC Joint Framework for Perpetual Derivatives

The CFTC directive places equity perpetual futures under shared supervision with the SEC. The regulatory framework formally rests on an interagency memorandum of understanding signed on March 11, 2026, to coordinate oversight of hybrid securities products.

According to official statements from Michael S. Selig, the authorization migrates perpetual derivatives trading—historically restricted to offshore platforms—to domestic regulated markets. However, the agency did not specify in its initial statement the exact list of eligible stocks for listing, nor did it establish a definitive launch time for opening order books across each authorized exchange.

The spot market environment across major cryptocurrencies saw moderate movements during the session. According to CoinGecko at 18:40 UTC on November 3, Bitcoin (BTC) gained 0.2% over a 24-hour window, standing at $77,690.49. Over the same tracking period, Ether (ETH) posted an intraday gain of 1.2% to reach $2,297.41. Both digital assets retained negative weekly cumulative balances, down 3.7% for Bitcoin and 2.3% for Ether.

Coinbase’s share movement also coincided with a downgrade from investment banking analysts. On November 2, Morgan Stanley’s equity research division slashed its price target on the company from $258 to $120, downgrading the asset’s rating from Equal-weight to Underweight.

Morgan Stanley’s report supported the reduction following an evaluation of the issuer’s Q3 2026 earnings results. The firm lowered its 2027 revenue outlook for Coinbase by 28% and cut its adjusted EBITDA projection for that same fiscal year by 47%. For the 2028 fiscal year, the bank revised its revenue estimates downward by 18% and EBITDA forecasts by 25%, while contracting its applied valuation multiple from 20x to 12x projected operating cash flow.

The financial sector now turns its attention to Circle Internet Group’s Q3 earnings release and press conference, scheduled for November 4, 2026, at 13:00 UTC.