PERPETUALS.COM LTD.
NASDAQ: PDC
Bridging Traditional Finance & Digital Assets
Through Regulated, AI-Powered Infrastructure
INVESTOR OVERVIEW
February 2026
| IMPORTANT: This document is for informational purposes only and does not constitute an offer to sell or solicitation to buy securities. Investors should conduct their own due diligence. Past performance does not guarantee future results. See forward-looking statement disclaimer at the end of this document. |
EXECUTIVE SUMMARY
Perpetuals.com Ltd. (NASDAQ: PDC) is a financial technology company at the forefront of merging traditional finance with blockchain-based digital asset markets. Newly listed on NASDAQ following its January 2026 acquisition and rebrand from Earlyworks Co., Ltd., Perpetuals.com is positioned to capture a significant share of the $846 trillion global derivatives market through its proprietary technology stack, regulatory-first approach, and AI-powered risk intelligence.
The company develops and operates Kronos X®, a proprietary multi-asset exchange platform with blockchain-based settlement that is fully compliant with European regulations, including MiFID II, MiCA, DORA, and EMIR. Infrastructure is hosted at Equinix FR2 in Frankfurt, Germany—alongside major exchanges like Eurex and Deutsche Börse—and on the U.S. West Coast, providing robust transatlantic coverage.
| Key Investment Thesis: Perpetuals.com combines a proven founding team (former FTX Europe leadership), regulated infrastructure (EU MTF license), breakthrough AI technology (92% loss-trade filtering), and a massive addressable market ($846T+ in derivatives) to create a compelling growth opportunity in the rapidly converging traditional finance and digital asset space. |
Investment Highlights at a Glance
| Ticker / Exchange | PDC / NASDAQ |
| Founded By | Patrick Gruhn & Robin Matzke (former FTX Europe leadership) |
| Core Product | Kronos X® Multi-Asset Exchange Platform (SaaS) |
| Regulation | MiFID II, MiCA, DORA, EMIR compliant; CySEC MTF authorization |
| AI Technology | BayesShield™ — 92% losing trade filtering (11.7B+ trades analyzed) |
| TAM | $846 trillion (global OTC derivatives, BIS June 2025) |
| Revenue Model | B2B recurring: fee shares, spread participation, white-label licensing |
| Latest Product | Barrier Futures — regulated alternative to perpetual swaps & CFDs |
| Data Centers | Equinix FR2 Frankfurt (alongside Eurex) + U.S. West Coast |
| Global Recognition | EU MTF equivalence is recognized in the US, Australia, and Hong Kong |
BUSINESS OVERVIEW
Perpetuals.com operates at the intersection of traditional financial markets and blockchain-based digital assets. The company provides regulated financial market infrastructure—delivered as Software-as-a-Service (SaaS)—that enables trading venues, brokers, and financial institutions to offer crypto spot, derivatives, tokenized securities, and structured products under full European regulatory compliance.
Core Technology Platform: Kronos X®
Kronos X® is the company’s flagship exchange software suite, enabling regulated trading venues, including European Multilateral Trading Facilities (MTFs), to operate with 24/7 self-clearing and blockchain-based settlement technology. This allows regulated, organized markets to compete directly with unregulated offshore crypto derivatives exchanges while maintaining full compliance with MiFID II, MiCA, DORA, EMIR, MiFIR, and GDPR requirements.
Product Ecosystem
The company offers a comprehensive suite of integrated products and services designed to serve both institutional clients (B2B) and end-users through partner platforms:
| Product | Description |
| Kronos X® | Multi-asset exchange platform with blockchain-based 24/7 settlement, self-clearing, and full EU regulatory compliance. Deployed at Equinix FR2 Frankfurt. |
| Barrier Futures | Proprietary MiFID II-compliant derivative eliminating liquidation cascades, margin calls, and funding fees. Designed as a regulated alternative to offshore perpetual swaps and retail CFDs. |
| BayesShield™ AI | Machine learning system trained on 11.7B+ trades that predicts retail trading outcomes in real-time, demonstrated 92% losing trade filtering in pilot backtesting. |
| Quantum-Resilient Vaults | Self-custody crypto solution with institutional-grade security, quantum-resilient RSA encryption, and NIST-certified quantum entropy injection. No third-party custodian required. |
| Ledgera™ | Cross-chain infrastructure for tokenized asset management and blockchain-based settlement operations. |
| PerpetualPay.net™ | Payment processing platform for digital asset transactions with regulatory compliance. |
| Tokenization Services | End-to-end tokenization of securities, structured products, and real-world assets (RWAs) for regulated trading venues. |
Founding Team & Leadership
Perpetuals.com was founded by Patrick Gruhn, Robin Matzke, and Nayia Ziourti—all former leadership at FTX Europe and pioneers in the tokenized securities space. The team previously co-founded DigitalAssets.AG, which was acquired by the FTX Group at a reported $400 million valuation. They created the world’s first regulatory-approved tokenized stocks, which were listed on major exchanges including Binance, FTX, and Bittrex, as well as Pre-IPO contracts for companies like Coinbase, Airbnb, and Robinhood—as reported by Forbes.
Patrick Gruhn, Co-CEO, is a German-born serial entrepreneur, lawyer (LL.M.), software engineer, and fintech innovator with an MBA and advanced studies at institutions including MIT. Matthew Nicoletti joined the Board of Directors as chair of the Compensation Committee, bringing over 15 years of capital markets experience in M&A, public listings, and fintech structuring.
MARKET ANALYSIS
Perpetuals.com is targeting multiple large and fast-growing market segments at the intersection of traditional derivatives trading and digital asset infrastructure.
The $846 Trillion Derivatives Market
According to the Bank for International Settlements (BIS), the global OTC derivatives market stood at $846 trillion in notional amounts outstanding at the end of June 2025. This represents one of the largest financial markets globally and is characterized by increasing demand for electronic trading, real-time settlement, and regulatory transparency—all areas where Perpetuals.com’s technology provides clear advantages.
Perpetual Futures: $100–300B Daily Volume
The perpetual futures market, dominated by unregulated offshore exchanges, processes between $100 and $300 billion in daily trading volume. These platforms expose traders to liquidation cascades, opaque funding fees, and significant counterparty risk. Perpetuals.com’s Barrier Futures product provides a regulated, MiFID II-compliant alternative that eliminates these structural risks while maintaining the leveraged exposure traders seek.
Contracts for Difference (CFDs): 19M+ Traders
The global CFD market comprises over 19 million retail traders and represents 51% of equity derivative positions in Europe, according to ESMA. CFD platforms face increasing regulatory scrutiny due to their inherent broker-versus-customer conflict model, where providers profit when clients lose. Perpetuals.com’s neutral MTF execution model eliminates this conflict entirely, positioning its products as the next-generation replacement for traditional CFDs.
Crypto Custody: Rapidly Growing Infrastructure
The crypto custody market is experiencing rapid growth as institutional adoption accelerates. However, existing solutions force investors to choose between counterparty-dependent custodians or hardware wallets with physical vulnerability. Perpetuals.com’s Quantum-Resilient Vaults offer a third path: institutional-grade, self-custody security with no hardware dependencies and future-proof quantum-resistant encryption.
COMPETITIVE ANALYSIS
Perpetuals.com occupies a unique position in the financial technology landscape, combining capabilities that no single competitor currently offers. The company’s integrated platform provides regulated exchange infrastructure, AI-powered risk management, quantum-resilient custody, and innovative derivative products—all under one roof.
Key Competitive Differentiators
| Feature | Perpetuals.com | Offshore Exchanges | CFD Brokers |
| Regulatory Status | MiFID II / CySEC MTF | Unregulated | Varies by jurisdiction |
| Liquidation Risk | Eliminated (Barrier) | High (cascades) | Moderate (margin calls) |
| AI Risk Protection | BayesShield™ (92%) | None | Basic alerts |
| Custody Model | Quantum-resilient self | Exchange-held | Not applicable |
| Settlement | 24/7 blockchain | Varies | T+1 to T+3 |
| Conflict of Interest | Neutral MTF | Exchange as MM | Broker profits from loss |
| Institutional Access | Full compliance | Restricted | Limited |
AI-POWERED INNOVATION: BAYESSHIELD™
At the core of Perpetuals.com’s technology advantage is BayesShield™, a proprietary machine-learning system that represents a paradigm shift in how trading platforms can protect retail users while maintaining market integrity.
Pilot Program Results
In February 2026, Perpetuals.com announced the successful completion of the BayesShield™ AI pilot program. The system demonstrated the ability to identify and filter 92% of losing retail trades in the BTC-USD-PERP perpetual futures market, based on backtesting against a full year of actual retail trading data. The AI models were trained using NVIDIA hardware across 11.7 billion+ historical trade records.
| “These pilot results exceed our expectations and validate years of research into retail trading behavior. The data show that the vast majority of retail losses in leveraged derivatives markets are predictable and preventable.” — Patrick Gruhn, Co-CEO, Perpetuals.com |
Commercial Deployment Plan
The company plans to deploy BayesShield™ across its regulated trading infrastructure, including to a third-party, CySEC-authorized MiFID II-licensed Multilateral Trading Facility, with a broader commercial rollout planned for the second half of 2026. This positions the AI system as both a proprietary competitive advantage and a licensable technology product.
REVENUE MODEL & GROWTH PROJECTIONS
Perpetuals.com generates revenue through multiple recurring B2B streams, creating a diversified and scalable business model designed for long-term value creation.
Revenue Streams
The company’s revenue model is built around five core streams: trading fee revenue shares from broker partners processing trades through the Kronos X® platform; participation in bid-ask spreads on Barrier Futures and other proprietary instruments; white-label licensing fees from institutions deploying the technology under their own brand; SaaS subscription fees for platform access, data feeds, and infrastructure services; and custody service fees from Quantum-Resilient Vault deployments.
Growth Catalysts for 2026
| Catalyst | Timeline | Expected Impact |
| Barrier Futures Launch | March 2026 (Q1) | First B2B broker partnerships; recurring fee revenue initiation |
| Ledgera & Barriers Retail | Q1 2026 | Consumer-facing tokenized asset and derivatives access |
| UpsideOnly Retail Brand | Q2 2026 | Retail prediction market and simplified leveraged products |
| AI Prediction Market | Q2 2026 | New product vertical leveraging BayesShield™ AI capabilities |
| Own MTF Operations | H2 2026 | Vertical integration; direct revenue from regulated exchange ops |
| BayesShield™ Rollout | H2 2026 | Commercial AI licensing to third-party trading venues |
Product Launch Roadmap
WHY INVEST IN PERPETUALS.COM
Perpetuals.com represents a rare convergence of proven team, proprietary technology, massive addressable market, and regulatory advantage—all at a stage where significant catalysts are imminent.
| ❶ PROVEN FOUNDING TEAMLed by the former Head of FTX Europe who previously sold DigitalAssets.AG at a $400 million valuation. The team pioneered the world’s first regulatory-approved tokenized stocks and Pre-IPO contracts for companies like Coinbase, Airbnb, and Robinhood. This is not a startup hypothesis—it’s a team with demonstrated ability to build, scale, and exit. |
| ❷ MASSIVE ADDRESSABLE MARKETThe $846 trillion global derivatives market represents the single largest financial market opportunity. Combined with the $100–300 billion daily perpetual futures volume and 19 million CFD traders globally, Perpetuals.com is positioned at the center of financial market transformation with products designed for each segment. |
| ❸ REGULATORY-FIRST ADVANTAGEOperating under MiFID II with CySEC MTF authorization creates a powerful competitive moat. EU MTF equivalence is recognized in the United States, Australia, and Hong Kong. As regulators worldwide tighten controls on offshore crypto trading, Perpetuals.com’s compliance-first infrastructure becomes increasingly valuable. |
| ❹ AI TECHNOLOGY MOATBayesShield™, trained on 11.7 billion+ trades, represents years of proprietary data collection and model development that would be extremely difficult for competitors to replicate. The 92% losing trade filtering rate validates a commercially viable, licensable technology with applications across global trading markets. |
| ❺ IMMINENT PRODUCT CATALYSTSWith Barrier Futures launching to brokers in March 2026, retail brands launching in Q1–Q2 2026, and proprietary MTF operations planned for H2 2026, the company has a dense calendar of near-term catalysts, each capable of driving meaningful revenue growth and investor interest. |
| ❻ NASDAQ-LISTED ACCESSTrading on NASDAQ under the ticker PDC provides investors with a liquid, regulated vehicle for gaining exposure to the convergence of traditional finance, blockchain infrastructure, and AI-powered financial technology—three of the most powerful trends in global markets. |
FORWARD-LOOKING STATEMENTS DISCLAIMER
This document contains forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied. Forward-looking statements reflect management’s current expectations and are inherently uncertain. Actual results may differ materially from those in forward-looking statements due to factors including market conditions, regulatory changes, competitive dynamics, and technology development risks. Investors should not place undue reliance on forward-looking statements, which speak only as of their date. The company disclaims any obligation to update forward-looking statements except as required by securities laws. This document is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
DISCLAIMER
Vanderbiltreport.com is owned and operated by AB Holding a US-based corporation. We have received compensation of up to $100,000 regarding the profiling of Perpetuals.com Ltd. (NASDAQ:PDC) starting on January 15, 2026. It is important to note that we do not own any shares in PDC: NASDAQ.
This page includes forward-looking statements subject to substantial risks and uncertainties. Actual outcomes may differ due to regulatory decisions, financing needs, and execution. Investors should consult SEC filings before making decisions.
Perpetuals.com Ltd. (NASDAQ: PDC)
group.perpetuals.com | info@perpetuals.com | +1 (541) 668-7401
