Coinbase Global Inc. is taking the first regulatory step toward letting U.S. investors make leveraged, round-the-clock bets on stocks without owning them, seeking to bring one of crypto’s most popular forms of trading onshore.

The push is part of a broader effort to bring the crypto trading playbook onshore just as digital-asset venues are expanding beyond crypto itself. Kalshi Inc. won CFTC approval for Bitcoin perpetual futures and is filing for similar contracts tied to equity indexes and other traditional markets. The next step is potentially much bigger: giving U.S. retail traders regulated access to the sort of stock-linked contracts that have helped turn offshore venues such as Hyperliquid into some of the biggest winners of the latest speculative trading boom.

Coinbase filed with the Securities and Exchange Commission this week to offer single-stock perpetual futures, the firm said in a post on X on Thursday. The company will now work with the Commodity Futures Trading Commission on approvals of the product, which it hopes to bring to the U.S. market this year. Coinbase started offering single-stock perps to international customers earlier this year.

CME Group launched single-stock futures across more than 50 of the top U.S. stocks in July.

Shares of Coinbase jumped 10% on Thursday — the biggest one-day gain since May — amid a broad-based rally in digital assets such as Bitcoin. The stock is down about 35% in the past year.

For years now, Coinbase has been working to expand beyond traditional spot crypto trading into new areas, to make its business less vulnerable to market downturns.

The crypto industry has ramped up pressure on regulators recently to let U.S. investors trade perpetual contracts, which don’t have an expiration date. The Blockchain Association, an industry lobby group, sent a comment letter to the SEC and CFTC in late August calling for greater coordination between them two agencies on rules that apply to perpetuals.

(With assistance from Scott Patterson.)

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