Coinbase unveils new futures product aimed at traditional equities investors

Coinbase to launch index offering combined futures trading for tech stocks and crypto ETFs

Coinbase announced on Tuesday that it will roll out a new futures index combining crypto products with traditional stocks.

The Mag7 + Crypto Equity Index Futures, set to launch on September 22, would be the first product to offer combined exposure to traditional equities and cryptocurrency ETFs. Coinbase stated that this is the first time its US derivatives platform will expand beyond single-asset products.

"Historically, there has been no US-listed derivative that provides access to both equities and cryptocurrencies within a futures product," Coinbase wrote in the statement.

The Mag7 + Crypto Equity Index Futures is composed of ten components, each with an equal weight of 10%. It comprises the Magnificent 7 stocks, including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, alongside Coinbase's COIN and BlackRock's iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA).

Coinbase indicated that the new index will undergo quarterly adjustments to maintain equal weighting across its components. The exchange stated that shifts in prices may cause allocations to drift from the 10% target, but the review process will bring them back in line.

It also added that German-based MarketVector Indexes will serve as the index administrator.

The move follows Coinbase's plans to expand its product suite over the past few months. The company reportedly stated plans to launch tokenized stocks in the US in June, joining Robinhood and Kraken, which already offer such products.

Likewise, CNBC reported in July that Coinbase is looking to launch an "everything exchange," which will include tokenized real-world assets (RWAs), stocks, derivatives, prediction markets and early-stage token sales.

COIN failed to add gains before the market closed on Tuesday.