Coinbase’s new product rollout strengthens bull case with upside not fully reflected, analysts say

JPMorgan and Benchmark analysts view Coinbase's extensive new product rollout, branded as an "everything exchange," as significantly strengthening the bull case for COIN stock, suggesting current expectations do not fully capture the upside potential. The expansion integrates crypto, equities, derivatives, prediction markets, and onchain services into one platform, aiming to diversify revenue beyond volatile spot crypto trading. Key additions highlighted include U.S. stock trading (funded by dollars or USDC) and prediction markets, which increase daily use cases. Furthermore, the equity rollout is seen as an early step toward tokenized stocks via the Coinbase Tokenize platform. While the economic details were not specified, analysts anticipate growing revenue from transaction-based and subscription products as user engagement deepens. This bullish sentiment echoes a recent note from Deutsche Bank, which also cited the "everything exchange" push as a driver for long-term upside, even as Coinbase's stock trades near seven-month lows.

(Source：The Block)