According to The Block, JPMorgan analysts said that Coinbase's eventual launch of the Base network token could unlock up to $34 billion in value, calling it an important new monetization path for the company to move into USDC earnings and on-chain transactions.
The report, released Friday by JPMorgan's equity research team, raised Coinbase's rating and its target share price for December 2026 to $404, citing "monetization opportunities emerging and risks diminishing" as the company leans further towards its Layer 2 ecosystem and stablecoin economy.
JPMorgan said the Base token could "level" the success of Coinbase's Ethereum-based Layer 2 network, which launched in August 2023 and has grown to more than $5 billion in total locked value with more than 9 million transactions per day, according to DefiLlama.
Based on current network activity and the "exorbitant token economy," the bank forecasts that its market cap will reach $12 billion to $34 billion over time, while Coinbase may retain 40% of the supply, equivalent to about $4 billion to $12 billion in equity value.
JPMorgan Chase: Coinbase's Base Token Could Unleash 34 billion Dollar Value
2025-10-25 00:53:18
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