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Kalshi Files to Launch US Crypto-Linked Perpetual Futures on Coinbase

Kalshi has filed with U.S. regulators to launch perpetual futures contracts linked to individual U.S. stocks, a move that would extend a crypto-style derivatives structure into traditional equity markets. The company’s proposal was submitted to the Securities and Exchange Commission as a rule change and simultaneously sent to the Commodity Futures Trading Commission for review, according to the filing. The development arrives as Coinbase has also put forward a separate plan to offer single-stock perpetual futures. Both efforts point to growing competition among regulated crypto derivatives venues to adapt perpetual contract mechanics—particularly the use of ongoing funding payments—to equity instruments. Key takeaways Kalshi filed a proposed rule change with the SEC and submitted the related materials to the CFTC to enable perpetual futures tied to specific U.S. equities. The contracts would have no fixed expiration date and would use periodic funding payments between long and shor...
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Kalshi Files for US Perpetual Stock Futures, Ties Into Coinbase

Kalshi has filed with U.S. regulators to launch perpetual futures linked to individual US stocks, extending the “crypto-style” derivatives model into traditional equity trading. The prediction market operator submitted its proposed rule change to the Securities and Exchange Commission (SEC) and separately to the Commodity Futures Trading Commission (CFTC) for approval on Friday, with the CFTC still pending a decision. The proposal would create contracts without a preset expiration date and would rely on periodic funding payments between long and short positions to keep the futures price aligned with the underlying equities. Kalshi said the products would be treated as security futures and cleared through its CFTC-registered clearinghouse, Kalshi Klear. Key takeaways Kalshi filed for single-stock perpetual futures with the SEC and CFTC; CFTC approval is still outstanding. No expiration date : contracts would remain open-ended, with periodic funding used to maintain price alignment....
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VanEck Challenges Metaplanet’s Executive Dilution Despite Cuts

Asset manager VanEck has issued a sharp critique of Metaplanet’s executive compensation design, arguing that the Japanese corporate Bitcoin treasury’s efforts to limit shareholder dilution do not go far enough. In a Friday analysis of compensation practices across the 10 largest digital asset treasury companies, VanEck concluded that Metaplanet’s structure is the only one that falls into the report’s lowest tier. VanEck’s comparison points to both the size of Metaplanet’s equity compensation plan and the degree of personal exposure for its officers. The firm said Metaplanet’s equity plan equals 14.7% of fully diluted shares, while officer exposure stands at 8.2%—figures VanEck describes as materially higher than peers. Key takeaways VanEck rated Metaplanet’s executive compensation as “Bad,” the only company in its lowest category in a peer review of 10 major Bitcoin treasury firms. VanEck cited Metaplanet’s equity plan at 14.7% of fully diluted shares and officer exposure at 8.2%—f...
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VanEck Challenges Metaplanet for Executive Dilution After Pay Cuts

Asset manager VanEck has sharply criticized Metaplanet’s executive compensation design, arguing that the company’s recent steps to reduce shareholder dilution tied to its Bitcoin treasury activity do not fully solve the underlying misalignment between management incentives and existing shareholders. In a Friday research note that reviewed executive pay structures across the 10 largest digital asset treasury companies, VanEck ranked Metaplanet’s approach as “Bad,” the only one in the lowest category. VanEck said Metaplanet’s compensation framework still leaves executives with far more equity exposure than peers and implies higher dilution pressure than investors should tolerate. Key takeaways VanEck rated Metaplanet’s executive compensation “Bad,” citing an equity plan sized at 14.7% of fully diluted shares. VanEck estimated officer exposure at 8.2% for Metaplanet—around 10 times the average (0.8%) across the other nine treasury companies reviewed. VanEck said Metaplanet’s officer...
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Bastion Obtains Conditional OCC Approval for National Trust Bank Charter

Stablecoin infrastructure provider Bastion says the U.S. Office of the Comptroller of the Currency (OCC) has granted it preliminary conditional approval for a U.S. trust bank charter . The development would place Bastion’s operations under federal oversight in addition to the state-level licenses it already holds, according to a company announcement issued Friday. While the charter would strengthen Bastion’s regulatory standing, the proposal also clarifies what the entity would not be allowed to do: the chartered trust bank could not accept deposits or make loans . That limitation keeps the structure closer to a regulated custody and payments utility than a traditional commercial bank. Key takeaways Bastion received preliminary conditional approval from the OCC for a U.S. trust bank charter, adding federal supervision to its existing state licensing. The charter would allow Bastion to operate as a federally regulated entity for stablecoin custody, wallet services, payments infra...
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Bastion Secures Conditional OCC Nod for National Trust Bank Charter

Stablecoin infrastructure provider Bastion says the U.S. Office of the Comptroller of the Currency (OCC) has granted it preliminary, conditional approval to establish a national trust bank charter. The move would bring Bastion’s existing state-licensed trust activities under federal supervision—an important development for a sector that is increasingly expected to operate like regulated financial plumbing rather than experimental software. Under the structure described by Bastion, the proposed entity—licensed as Bastion Platforms National Trust Company—would not function like a traditional commercial bank. Instead, it would be limited to activities such as stablecoin custody and wallets, payment infrastructure, and white-label issuance, according to the company’s statement. Key takeaways Bastion received preliminary conditional approval from the OCC for a national trust bank charter, adding federal oversight to its state trust licenses. The charter would be housed in a federally re...
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XRP Rallies 7% as Trading Volume Nears $1.4 Billion

XRP jumped roughly 7% over the weekend, pushing the token back above $1.41. Spot trading volume surged to about $1.36 billion in 24 hours, and total tracked turnover across markets climbed close to $4.9 billion. The rebound followed a broader crypto rally after Bitcoin broke through $80,000. The gains stemmed largely from a short squeeze rather than fresh buying pressure. Traders holding bearish XRP positions lost roughly $8 million as prices reversed higher. Long positions absorbed far smaller losses, near $2.4 million, confirming the move mainly punished short sellers. Futures Activity Still Outpaces Spot Trading XRP futures volume reached about $5.7 billion, more than four times the spot figure. That gap leaves the rally exposed if leveraged positions unwind quickly. Futures activity had already hit a six-month high in August, a pattern that previously came before sharp price swings. The rally also arrived without any major fundamental trigger. XRP had slipped toward the $1.23 to $1...
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