The latest report from JPMorgan Chase shows that Coinbase has made significant gains by holding shares in Circle and USDC stablecoin-related businesses. In Quarter 1, 2025, Coinbase received about $300 million in distribution income from Circle, exceeding Circle's net income of $230 million in the quarter.
The report pointed out that the balance of the Coinbase platform USDC reached 13 billion US dollars, contributing 125 million US dollars of revenue and a profit margin of 20-25%. The over-the-counter business and Circle split the income of the reserve fund equally, and received a near-full profit of 170 million US dollars in the last quarter. JPMorgan maintained the "neutral" rating of Coinbase stock, with a target price of 404 US dollars.
JP Morgan Report: USDC Creates $60 billion Value for Coinbase Shareholders
2025-07-29 12:23:45
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