JPMorgan Upgrades Coinbase, Highlights $34B Potential in Base Token
- JPMorgan upgraded Coinbase (COIN) to “overweight” from “neutral,” raising its price target to $404.
- Coinbase shares increased by about 4% in early trading, reaching approximately $332.
- The bank noted two key catalysts for growth, including a potential Base token and improved USDC payouts.
- Analysts estimate the market cap for the Base token could range from $12 billion to $34 billion, potentially adding up to $12 billion in value for Coinbase.
- Coinbase aims to enhance USDC monetization through its Coinbase One subscription service, offering users yields of up to 4%.
- JPMorgan’s valuation is based on projected earnings for December 2026, factoring in significant contributions from the Base token.
This upgrade reflects JPMorgan’s confidence in Coinbase’s strategy to leverage new monetization opportunities and reduce risks amid a stabilizing market share between decentralized exchanges (DEXs) and centralized exchanges.
With a potential market cap of up to $34 billion from the Base token, this upgrade positions Coinbase favorably within the competitive landscape of cryptocurrency exchanges.
