Authored by Ryan Gladwin via Decrypt.co,
Cryptocurrency exchange Coinbase is rolling out a perpetual futures product for pre-initial public offering (IPO) companies, allowing traders to speculate on a company's valuation before its debut.
The first pre-IPO company to be traded on the platform is Elon Musk's aerospace company, SpaceX.
The SpaceX pre-IPO will be settled using the USDC stablecoin, can be traded 24/7, and all positions will automatically translate when the IPO is complete.
That means traders could make massive profits or losses depending on the difference between the pre-IPO valuation and the debut stock price.
"Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery," Brian Armstrong, co-founder and CEO at Coinbase, tweeted.
It is worth noting that the pre-IPO perp product is not available for users from the United States. The Coinbase blog post explained that more pre-IPO listings will be announced "soon," including companies in technology, AI, energy, and space.
Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery.
Now on Coinbase with SpaceX as our first listing. https://t.co/bQLLymd9wb
This news comes the same day that Forbes reported that SpaceX's estimated IPO price of $135 per share would make Musk the first-ever trillionaire. Reuters reported that the IPO is targetted for June 12.
On prediction market Myriad, owned by Decrypt’s parent company Dastan, users place a 91% chance on Musk reaching the milestone net worth before July.
Perpetual futures, or simply perps, allow traders to speculate on the direction of an asset via a "long" or "short" position, without needing direct exposure to the underlying asset. Unlike traditional futures contracts, perps do not have an expiration date—making them a useful tool to hedge bets across a prolonged period of time.
Last year, perps became the crypto degen's new favorite way of investing with the rise of decentralized exchange Hyperliquid, which allowed anyone to use the investment tool.
Coinbase's new product combines this popular trading method with pre-market trading—another common offering in crypto. Often, exchanges offer users the opportunity to speculate on the price of a soon-to-debut crypto token in what's called pre-market trading.
However, traders be warned: pre-market prices are often inaccurate and extremely volatile as new information emerges.
Tyler Durden Thu, 06/04/2026 - 12:00Late Wednesday saw President Trump receive a rare and much belated rebuke from the House of Representatives as it voted to pass a war powers resolution related to Iran. The passed resolution directs the withdrawal of US troops from armed hostilities with Iran, in a closely divided 215–208 vote, aided by four Republicans.
But this wasn't the only Trump-defying vote that took place Wednesday, as The Hill reports: "Six Republicans joined Democrats on Wednesday to push through a vote on military aid for Ukraine, a blow to President Trump’s handling of Russia’s war against the country and his withdrawal of U.S. support for Kyiv."
via Politico"The House voted 218-204 in a procedural motion that clears the way for a vote on the Ukraine Support Act, authored by Rep. Gregory Meeks (D-N.Y.), the ranking member of the House Foreign Affairs Committee," the report adds.
So interestingly, and in a bit of a blaring contradiction, the House has shown itself to be dovish on the Iran war but hawkish on Russia-Ukraine.
Or rather, they are 'pro' Ukraine war but 'anti' Iran war, strangely enough.
"This vote is not a process vote, it’s a statement on whether this Congress and all of its members stand with and support Ukraine and the people of Ukraine, and its fight for freedom, its fight for democracy, and its fight for liberty," Meeks said on the floor after the vote.
There was no mention of using this massive funding for diplomacy, and to get Ukrainian and Russian negotiators back to the table:
It provides $8 billion in military financing loans to Ukraine, extends the Ukraine Security Assistance Initiative (USAI) through 2027, which allows for the U.S. to send Ukraine weapons directly from Pentagon stockpiles, additional sanctions against Russia, among other provisions.
Instead, there was the usual simplistic black-and-white moral posturing in a Bush-style "with us or against us" kind of way. "It’s between Ukraine or Putin, I choose Ukraine," Republican Rep. Joe Wilson stated.
Late last month Ukraine and Russia moved on from a brief ceasefire and resumed blasting each other. Russia has continued to make gradual progress in taking control of both the Luhansk and Donetsk oblasts which together comprise the Donbas region. Moscow is insisting that Ukraine's ceding of the last parts of the Donbas is a precondition to resumed peace talks.
Not accounting for more billions in taxpayer dollars thrown into the Ukraine war -- to say nothing of the money pit that is the US-Israeli war on Iran -- the US government was in February projected to post a fiscal-year 2026 deficit of $1.9 trillion. Not that anyone in Washington cares.
Tyler Durden Thu, 06/04/2026 - 11:40