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JPMorgan analysts estimate Coinbase’s potential Base token could reach a $34 billion valuation.
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The report highlights Base network growth and deeper onchain monetization opportunities.
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Coinbase may adjust its USDC rewards program and expand Base-integrated DEX features.
JPMorgan Forecasts Massive Base Token Upside
JPMorgan analysts believe Coinbase could unlock up to $34 billion in value through the eventual launch of a Base network token, calling it a transformative opportunity for the exchange.
The report raised Coinbase’s share price target to $404 by December 2026, citing strong growth in its Ethereum-based Layer 2 network and expanding stablecoin ecosystem.
Growing Onchain Revenue Opportunities
According to JPMorgan, Base currently hosts over $5 billion in total value locked and processes more than 9 million daily transactions. A native token could “equitize the success” of the network, allowing Coinbase to capture long-term onchain value.
USDC and DEX Integration Boost Margins
The analysts also pointed to Coinbase’s plans to refine its USDC yield program, potentially limiting rewards to Coinbase One subscribers, which could retain an estimated $374 million in annual profit.
Additionally, the integration of a decentralized exchange aggregator within Base positions Coinbase to benefit from DeFi trading growth. JPMorgan said these moves show the company’s pivot toward scalable, onchain monetization.
