Perpetuals.com Ltd. (NASDAQ: PDC)

Perpetuals.com Ltd. (NASDAQ: PDC) is a publicly traded, regulated digital market infrastructure company enabling derivatives trading through a compliant, API-driven platform. Built as infrastructure rather than a balance-sheet exchange, the company provides brokers, institutions, and trading venues with regulated access to crypto and tokenized derivatives while avoiding custody, credit, and counterparty exposure by design.

The platform addresses a structural gap created as demand for leveraged digital asset exposure has outpaced the availability of compliant market infrastructure, particularly in Europe. Regulatory constraints limit how traditional brokers can legally offer crypto leverage, while many existing trading venues operate outside regulated frameworks. Perpetuals is designed to function within these constraints by combining institutional-grade execution, real-time settlement, and structured product capabilities under an EU-regulated market framework.

By operating as a regulated trading venue and infrastructure provider, Perpetuals enables market participants to access derivatives through transparent and auditable systems rather than offshore or unregulated alternatives.

Platform & Infrastructure

Perpetuals operates a regulated hybrid exchange built on proprietary infrastructure and structured around an EU Multilateral Trading Facility (MTF) framework. The platform is designed as institutional trading infrastructure, incorporating a high-speed matching engine, real-time settlement, built-in compliance and surveillance, and a hybrid architecture that delivers centralized exchange performance with blockchain-based transparency.

The platform is API-native by design, enabling direct integration with CFD brokers, institutional counterparties, and trading venues. Through turnkey APIs, partners can integrate order routing, execution, structured product issuance, market data, settlement, risk management, and compliance reporting, while the platform is designed to avoid custody of client assets and balance-sheet exposure. This infrastructure-first model allows Perpetuals to function as a regulated trading venue rather than a trading counterparty.

On top of this infrastructure, the platform is designed to support crypto spot trading, perpetual futures, futures, options, swaps, and tokenized structured products, including regulated knock-out instruments intended to operate within European regulatory constraints. Perpetuals also incorporates a prediction and insight engine designed to reward accurate market signals while generating datasets used to refine pricing, risk parameters, and trading intelligence across its structured products.

Market Opportunity

Perpetuals operates at the intersection of several large and converging markets, including crypto derivatives, regulated trading infrastructure, CFD brokerage technology, and tokenized financial products. The global crypto perpetual futures market processes approximately $2.18 trillion in monthly trading volume, while Europe’s CFD market generates roughly $17.34 trillion in monthly notional volume from approximately 4.9 million active retail accounts.

European regulatory frameworks restrict CFD brokers from legally offering high-leverage crypto products, creating a significant gap between trader demand and compliant market access. As a result, demand for crypto leverage has outpaced the availability of regulated infrastructure capable of serving brokers and institutional participants. This dynamic has left a large segment of retail and professional trading activity without compliant, onshore solutions.

Perpetuals addresses this gap by enabling regulated knock-out and structured products that allow leveraged crypto exposure without breaching leverage caps. In parallel, the emergence and adoption of tokenized financial instruments and real-world assets have increased demand for compliant, multi-asset trading venues. By operating within a regulated MTF framework and supporting tokenized issuance and trading, Perpetuals enables participation in the ongoing institutional adoption of digital asset markets without reliance on offshore or unregulated systems.

Leadership Team

Patrick Gruhn is an entrepreneur, lawyer, software engineer, and fintech innovator with more than two decades of experience across technology, law, and financial markets in Europe and the United States. He has founded and scaled multiple technology companies spanning tokenized securities, legal technology, and digital infrastructure, including businesses later acquired by major industry participants. His work focuses on the intersection of blockchain, regulation, and artificial intelligence. Gruhn is also actively involved in academic and institutional initiatives related to digital innovation.

Robin Matzke is a legal and regulatory specialist with deep expertise in digital securities, tokenization, and market structure. He has founded and advised companies operating at the intersection of law and financial technology and has contributed to the development of legal frameworks for digital assets in Europe. His background includes doctoral research on virtual stock structures and extensive academic teaching and publication. Matzke has also served as an advisor on digital securities regulation at the legislative level.

Nayia Ziourti is a regulatory lawyer with more than 15 years of experience in European financial services regulation, compliance strategy, and governance. She has held senior legal and regulatory roles across both public authorities and private financial institutions, including leadership positions within EU-regulated digital asset entities. Her experience includes direct involvement with EU policy development, ESMA initiatives, and MiFID-related regulatory frameworks. Ziourti brings deep institutional knowledge of compliance implementation across complex jurisdictions.

Sean Prescott is a technologist and financial infrastructure architect with over 20 years of experience spanning fintech, cybersecurity, encryption, and decentralized systems. His background includes designing institutional trading infrastructure, secure settlement systems, and large-scale financial platforms across Europe, the Middle East, and North America. He has developed proprietary transaction and custody architectures used by governments, enterprises, and digital asset platforms. Prescott’s focus is on building secure, scalable infrastructure for regulated digital finance.

Stephen Stephens is a senior operations and technology executive with extensive experience scaling complex fintech, regtech, and enterprise platforms. His career includes leading global delivery teams, managing multimillion-dollar programs, and transitioning advanced technologies into stable operating environments. He brings expertise in operational execution, platform integration, and enterprise process management across regulated industries. Stephens has overseen large-scale implementations spanning trading systems, ERP platforms, and compliance-driven operations.

Aaron Rudder is a finance and economics professional focused on developing fairer and more efficient capital markets through regulated digital infrastructure. He brings experience across crypto finance, derivatives research, and tokenized market structures, including work within EU-regulated trading environments. Rudder has led research initiatives supporting compliant derivatives issuance and structured digital asset products. His background combines financial modeling, market analysis, and applied research at the intersection of regulation and emerging financial systems.