Core Viewpoint - Perpetuals.com has become the first European Multilateral Trading Facility (MTF) to offer direct client execution for crypto derivatives, following the approval of its MiFID II license expansion by the Cyprus Securities and Exchange Commission (CySEC) [2][3]. Group 1: Company Developments - The expanded MiFID II license allows Perpetuals to operate as a fully vertically integrated venue for leveraged crypto products across the European Economic Area (EEA), eliminating the need for external brokers or clearing houses [2][4]. - Perpetuals has integrated its trading stack by replacing its external clearing house with proprietary infrastructure, providing clients with direct access to the matching engine [2][6]. - The platform will initially offer proprietary knock-out barrier products known as Barrier Futures, supported by the BayesShield risk management system, which has been trained on over 11.7 billion order fills [7]. Group 2: Market Context - Prior to this development, European traders faced a fragmented market structure requiring multiple intermediaries for accessing leveraged crypto products, which Perpetuals has streamlined into a single regulated entity [3][5]. - The new structure aims to provide a direct-access experience comparable to offshore perpetual futures venues while remaining compliant with EU regulations [3][5]. Group 3: Regulatory Compliance - The expanded license is passportable across more than 30 countries within the EEA, ensuring that clients benefit from best execution protections, segregated asset accounts, and transaction reporting under MiFID II and MAR [4]. - Clients trading on the platform are also members of the Cyprus Investor Compensation Fund, enhancing investor protection [4].

Core Viewpoint - Perpetuals.com Ltd is set to participate in the Emerging Growth Conference on April 1, 2026, where CEO Patrick Gruhn will present and answer investor questions, highlighting the company's advancements in AI-powered financial services [1]. Company Overview - Perpetuals.com Ltd (NASDAQ:PDC) is a financial technology company that integrates blockchain infrastructure and artificial intelligence to innovate digital asset trading [2]. - The company operates Kronos X, a proprietary multi-asset exchange platform and blockchain-based settlement solution that complies with European regulations such as MiFID II, MiCA, DORA, and EMIR [2]. - Perpetuals.com provides financial market infrastructure as a service from Equinix FR2 in Frankfurt, Germany, enabling 24/7 trading of crypto spot, derivatives, tokenized securities, and structured products [2]. - The company utilizes machine learning to analyze millions of retail trade transactions, developing AI-powered risk intelligence for real-time trading pattern analysis [2].

Core Viewpoint - Earlyworks Co., Ltd. has successfully acquired Perpetual Markets Ltd., rebranding as Perpetuals.com Ltd. with a new Nasdaq ticker symbol PDC, aiming to integrate traditional finance with blockchain-based crypto markets through innovative software solutions [1][7]. Company Overview - Perpetuals.com Ltd. develops software solutions that merge traditional financial markets with blockchain-based crypto markets, with its core product being the Kronos X exchange software suite [1][8]. - The company plans to operate its own Multilateral Trading Facilities in Europe and launch new tokenized products, including pre-IPO contracts and tokenized structured products [2]. Technology and Innovation - The proprietary technology of the combined business enables regulated financial and crypto services on blockchain infrastructure, leveraging a machine-learning system trained on millions of retail trading data points [3]. - Perpetuals aims to disrupt traditional markets with AI-enhanced products designed to protect retail users from losses in historically unfair trading environments [3][10]. Leadership and Governance - Patrick Gruhn has joined as Co-CEO, bringing extensive experience in regulated digital finance and blockchain innovation [4]. - Matthew Nicoletti has been appointed as the chair of the Compensation Committee, contributing over 15 years of capital markets experience to lead the company's future expansion [5]. Market Opportunity - The global derivatives market was valued at $846 trillion at the end of June 2025, highlighting the significant opportunity for blockchain-native platforms to bridge traditional finance and crypto derivatives [6].