Catenaa, Monday, October 27, 2025- JPMorgan analysts estimated that Coinbase could unlock up to $34 billion in value through a potential Base network token, highlighting the exchange’s growing onchain monetization and Layer 2 ecosystem.
Coinbase launched Base, its Ethereum-based Layer 2 network, in August 2023. The network now has over $5 billion in total value locked and more than 9 million daily transactions, according to DefiLlama.
JPMorgan projected a market capitalization for a Base token ranging from $12 billion to $34 billion, with Coinbase likely retaining roughly 40% of the supply, translating to $4 billion to $12 billion in equity value.
The bank noted that the token could align network success with company equity and accelerate decentralization for developers. Coinbase has said it is exploring a Base token but has no definitive launch plans.
JPMorgan also flagged potential profit and risk-management levers, including changes to Coinbase’s USDC yield program. The exchange currently passes about $400 million in annual interest to users, but restricting payouts to Coinbase One subscribers could allow the company to retain roughly $374 million annually.
Additionally, Coinbase has integrated a decentralized exchange (DEX) aggregator into the Base app to compete with decentralized platforms, which now account for approximately 25% of spot crypto trading.
The bank raised Coinbase’s rating and set a December 2026 share price target of $404, citing emerging monetization opportunities and declining risks. Coinbase shares are currently trading around $355, near the record high of $430 achieved in July.
JPMorgan projects Coinbase’s Base token could be worth up to $34 billion, highlighting Layer 2 growth, USDC yield changes, and DEX integration as monetization drivers.
