Overview
- JPMorgan models a $12–$34 billion market for a potential Base token, with $4–$12 billion of value possibly accruing to Coinbase, while executives say no launch is decided.
- Analysts estimate concentrating most USDC yields on Coinbase One subscribers could add about $374 million in annual earnings, roughly $1 per share.
- The bank’s $404 price target for December 2026 assumes 50x projected 2027 earnings and includes roughly $4 billion from prospective Base‑token value.
- Shares rose about 9% to roughly $353–$354 on Friday, taking market value near $90.6 billion as investors look to the Oct. 30 third‑quarter report.
- Recent context includes mixed Q2 results and reported Echo acquisition efforts as Coinbase expands services, plus CEO Brian Armstrong’s upbeat view on U.S. crypto legislation progress.