Coinbase: Base Token could be worth up to 34 billion USD

INFBusiness
27.10.2025
Markets

US investment bank JPMorgan sees Coinbase's Layer 2 network Base as a key growth driver for the crypto exchange operator. In a report published Friday, analysts estimate that a potential Base token could achieve a long-term market value of between $12 billion and $34 billion. Coinbase would retain approximately 40 percent of the tokens, generating between $4 billion and $12 billion in additional equity value.
According to JPMorgan, the move marks a new phase of monetization for Coinbase, which could open up additional revenue streams in the decentralized ecosystem alongside on-chain trading and yields from the stablecoin USDC. Coinbase launched the Layer 2 network Base in August 2023. According to DefiLlama data, the network currently has more than five billion US dollars in total value locked and over nine million daily transactions.
The bank emphasizes that Coinbase is currently considering changes to its USDC rewards program. Currently, the company distributes a large portion of its interest income—approximately $400 million annually—to users. In the future, these payouts could only be made to subscribers of the paid Coinbase One service. If this change were implemented, Coinbase could retain approximately $374 million annually.
The report also points to the integration of a DEX aggregator within the Base app. This feature allows Coinbase to benefit from the growing activity of decentralized exchanges, which now account for around a quarter of total spot trading volume.
As part of the assessment, JPMorgan raised its price target for Coinbase shares to $404 by December 2026, based on a current price of around $354.
Coinbase itself first confirmed at the BaseCamp conference in Vermont in September that it was exploring the launch of a native Base token. Project leader Jesse Pollak stated that a token could “accelerate decentralization and open up new opportunities for developers.” CEO Brian Armstrong added on X that “no final decisions” had been made.
New customers at Coinbase currently receive 30 euros in Bitcoin when they trade cryptocurrencies worth 30 euros or more.

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