Can Canada's Derivatives Launch Boost Coinbase's Global Growth?

Coinbase Global has launched regulated crypto, commodity, and index futures in Canada through Coinbase Financial Markets, becoming the first major crypto-native platform to offer direct access to native crypto futures in the country. The move expands the company's addressable market, as crypto-derivatives volume is approximately 4.4 times that of the spot market. However, COIN stock has underperformed year-to-date, trading at a P/E ratio of 73.06 significantly above industry average, with consensus estimates showing downward movement for 2026 earnings.