TechFlow news, October 25 — According to The Block, JPMorgan analysts said Coinbase’s eventual launch of a Base network token could unlock up to $34 billion in value, calling it a significant new monetization avenue as the company expands into USDC yield and on-chain trading.
The JPMorgan equity research team raised its rating on Coinbase in a report released Friday, increasing its target price for December 2026 to $404, citing "emerging monetization opportunities and reduced risks" as the company increasingly focuses on its Layer 2 ecosystem and stablecoin economy.
JPMorgan stated that a Base token could "democratize" the success of Coinbase’s Ethereum-based Layer 2 network, which launched in August 2023. According to DefiLlama data, the network has grown to over $5 billion in total value locked and processes more than 9 million transactions daily.
Based on current network activity and a "robust tokenomics structure," the bank forecasts the token’s market capitalization could eventually reach between $12 billion and $34 billion, with Coinbase potentially retaining 40% of the supply, representing approximately $4.8 billion to $13.6 billion in equity value.
