Quick Takeaways
- JPMorgan says Coinbase could unlock $34B in value by launching a Base token.
- Coinbase’s Base network now processes over 9 million daily transactions.
- Analysts see Coinbase evolving into a full-scale Web3 financial platform.
JPMorgan Sees Major Upside for Coinbase Through Base Network
JPMorgan analysts believe Coinbase’s Base Layer 2 network could be the company’s next major growth driver. In a new research note, the bank said tokenizing Base could add up to $34 billion in market value, marking one of the boldest forecasts yet for Coinbase’s blockchain ecosystem.
The report upgraded Coinbase’s price target to $404 by December 2026, emphasizing that the exchange is becoming a multi-platform ecosystem. Analysts highlighted the company’s expansion into stablecoin yields, decentralized trading, and its fast-growing Base network.
Base: From Experiment to Billion-Dollar Blockchain
Launched in August 2023, Base has speedily become one of the most active blockchains in the world. According to DeFiLlama, it now holds over $5 billion in total time value locked (TVL) and processes over 9 million daily transactions, rivaling major DeFi networks.
JPMorgan’s model suggests that tokenizing Base could allow Coinbase to capture the network’s growth directly on-chain. Analysts estimate the token could reach a market cap between $12 billion and $34 billion, with Coinbase potentially retaining about 40% of supply, adding $4–12 billion in equity value.
Token Launch Under Consideration.
While Coinbase has not confirmed a token launch, executives have hinted that discussions are ongoing. At the BaseCamp summit in Vermont, Base lead Jesse Pollak said a token could help “decentralize the network and expand opportunities for builders.”
CEO Brian Armstrong echoed that the company is “evaluating the idea,” though no final decision has been made.
Stablecoin Yields and DeFi Expansion
Beyond Base, JPMorgan also sees untapped potential in Coinbase’s USDC yield program. The firm currently distributes most of the $400 million in annual interest from Circle’s reserves to users. By shifting these yields to premium subscribers, Coinbase could retain an extra $374 million annually, analysts said.
Meanwhile, the integration of a decentralized exchange (DEX) aggregator inside the Base app gives Coinbase exposure to the fast-growing DeFi market. DEXs now make up nearly 25% of global spot trading volume, a segment Coinbase appears eager to support rather than compete against.
Coinbase Stock Outlook:
Coinbase fund currently trades near $355, close to its record high of $430 set in July after the GENIUS Act passed. With regulatory lucidness improving and multiple fresh gross watercourses emerging, JPMorgan expects Coinbase’s long-term note value to prove significantly as it evolves into a Web3 fiscal powerhouse.
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This article is for educational use only and does not provide financial or investment advice. Always consult independent research or consult a licensed consultant before investing.
