Perpetuals.com: Crypto derivatives specialist takes the leap to Nasdaq
Perpetuals.com is now listed on the US technology exchange Nasdaq under the ticker PDC. Leading the company is Patrick Gruhn, marking the first time since BioNTech founder Ugur Sahin in 2019 that a German manager has served as Co-CEO of a technology exchange-listed corporation.
Gruhn heads the company jointly with Satoshi Kobayashi, following shareholder approval of Earlyworks Co.’s acquisition of Perpetual Markets Ltd. The platform focuses on regulated derivatives markets and combines machine learning with blockchain-based settlement technology for seamless trading.
The 44-year-old Gruhn and his business partner Robin Matzke originally founded Zurich-based DigitalAssets AG, which was acquired in 2021 by FTX founder Sam Bankman Fried and renamed FTX EU. Following the parent company’s collapse, the two entrepreneurs successfully repurchased the remaining assets of the European subsidiary through protracted legal proceedings. This transaction proved strategically valuable, providing access to an extensive dataset of retail trading activity. This information formed the foundation for developing Perpetuals’ AI systems.
Machine Learning Meets Derivatives Markets
The company has developed an AI-powered system trained on more than ten million individual trading histories from several major cryptocurrency exchanges. The algorithms analyze patterns in collective market behavior and calculate profit and loss probabilities for individual traders. This technology targets financial market participants such as product issuers, option writers, and market makers seeking to optimize their hedging strategies. Perpetuals positions itself as an alternative to traditional contracts for difference and perpetual futures markets, which the company believes are often structured disadvantageously for retail investors.
The core product Kronos X is a software suite registered as a trademark in the European Union, enabling regulated trading platforms to self-clear around the clock. This approach replaces the costly process of central clearing houses and allows investors immediate access to sale proceeds instead of typical waiting periods of up to 48 hours.
The platform bridges classical financial markets with blockchain-based crypto markets and targets the contracts for difference market, which according to the European Securities and Markets Authority accounts for approximately 51 percent of European equity derivatives positions and generates roughly 17 billion dollars in monthly trading volume.
Tokenization and International Growth Plans
Gruhn and Matzke are pioneers of tokenization in the financial sector and enabled the tokenization of equities as early as 2017 through DigitalAssets AG. The global derivatives market reached a volume of 846 billion US dollars by end of June 2025 according to the Bank for International Settlements, signaling substantial growth potential for blockchain-based platforms. The company emphasizes that traditional CFD markets exhibit loss rates for retail investors well above 50 percent, while the US Securities and Exchange Commission has already prohibited CFD trading for investor protection.
For 2026, Perpetuals.com plans to operate its own trading systems in Europe and introduce tokenized financial products, including pre-IPO contracts, structured products, and options. Matthew Nicoletti has joined the board of directors, bringing over 15 years of experience in capital markets, mergers and acquisitions, and fintech structuring. The company’s shares have been globally tradable since the merger, with investors in the European Union and Switzerland gaining access through their banks or online brokers.
