​Coinbase expands commodities suite with new metal futures markets

Coinbase has revealed in an X post that it will enable copper and platinum futures trading on its app, not long after the CEO Brian Armstrong revealed plans to make the platform an “everything exchange.”

According to the X post, which was shared via the official Coinbase Markets page, users on the exchange will be able to trade copper and platinum futures from January 26, making them the latest addition to its commodities futures suite, which already offers gold, silver and oil. 

The futures contract for both metals will be facilitated by Coinbase Derivatives and available to both retail traders and institutional whales via approved FCM partners listed on the derivatives site. 

The move aligns with Coinbase’s broader push to become an “everything exchange.” The company has been working overtime to achieve this, making major investments in product quality and automation to support the expansion.

Coinbase adds copper and platinum trading 

The plan positions Coinbase as a rival of traditional brokerages even as it expands beyond its core digital asset business into tokenized securities and event-based markets that have attracted billions in recent trading volume.

It is crucial to note however that Coinbase is not the only exchange doing something like this. Bitget and Binance recently made similar announcements, dipping their toes into traditional commodity derivatives. 

Last year December, Bitget deployed a private beta for “Bitget TradFi,” which saw it offer CFD-style trading of precious metals like gold or silver, commodities, forex, indices and stocks, all to be settled in USDT directly via the exchange. The initiative became fully public this year with 79 instruments available. 

This week, Binance launched regulated USDT-settled perpetual futures for gold and silver under what it tagged a new TradFi category. In the future, there are plans to expand to other traditional assets, including crude oil and equity indices.  

Analysts are bullish on the Coinbase stock 

News of the new additions to Coinbase exchange’s commodities stack comes just as Bank of America (BofA) upgraded its Coinbase (COIN) to a “buy” rating, citing the exchange’s ambition, which has gone beyond crypto trading and its increasingly diversified business model.

Experts believe the expansion Coinbase is currently undergoing is designed to deepen user engagement and diversify its revenue beyond its core crypto trading business, which is heavily influenced by price swings in assets like Bitcoin. 

Aside from enabling 24/5 stock and ETF trading for S&P 500 names, Coinbase’s equity perpetuals will launch internationally in 2026 and dabble in prediction markets through its partnership with Kalshi, a CFTC-regulated exchange.

It also has big plans for Base, its Ethereum layer-2 network. The network was initially launched without a token, but the management is now allegedly considering a native token to help decentralize the platform and encourage usage. 

BofA has estimated the move could bring in billions in cash, while supporting its push into decentralized finance.

There is also Coinbase Tokenize, a platform designed to bring real-world assets — like private equity and real estate — onto the blockchain. It is expected to serve asset managers interested in tapping into younger, on-chain investors while taking advantage of the faster settlement and lower fees.

The COIN stock has fallen 40% from its July high, but BofA maintains a $340 price target, implying there could be a 40% upside with the firm arguing the company is still in the early stages of monetizing its broader platform and remains well-positioned as the most regulated and trusted crypto-native company in the U.S.

Goldman Sachs has echoed BofA’s sentiments. It has not only upgraded the crypto exchange company to Buy from Neutral but set a price target of $303 for its stock, which represents about 34% upside.

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