Coinbase’s Base token could be worth as much as $34 billion, JPMorgan says

JPMorgan analysts believe Coinbase could realize up to $34 billion in value from a potential Base network token, viewing it as a significant new monetization avenue alongside USDC yields and onchain trading efforts. The bank raised Coinbase's rating and set a December 2026 share price target of $404, citing emerging opportunities in its Layer 2 ecosystem. JPMorgan modeled a market capitalization for the Base token between $12 billion and $34 billion based on current activity, suggesting Coinbase could retain equity value of $4 billion to $12 billion by holding 40% of the supply. This projection follows Coinbase's confirmation that it is exploring a native token for Base to boost decentralization. Furthermore, JPMorgan highlighted that Coinbase could retain about $374 million annually by limiting USDC yield payouts to Coinbase One subscribers, similar to Robinhood Gold's model.

(Source：The Block)