While JPMorgan has raised its price target for Coinbase stock, the bank also estimates that a BASE token could reach a market cap of $34 billion. A look at these forecasts.
JPMorgan Expresses Optimism About Coinbase’s Crypto Ecosystem
In a note published last week, JPMorgan expressed enthusiasm not only for Coinbase but also for its potential future BASE token for the Ethereum (ETH) Layer 2 network of the same name.
As a reminder, the well-known cryptocurrency platform confirmed in mid-September that it was indeed exploring the possibility of a native token on Base. While this has yet to materialize, the U.S. bank sees this as an opportunity for a market capitalization of $12 to $34 billion in the long term:
Given the total value locked (TVL) and revenue, we estimate that a market capitalization of $12 to $34 billion is reasonable in the long term. We believe that the majority of Base tokens would be distributed to developers, validators, and the Base community, but that Coinbase would retain a share. We estimate that the Base token could generate $4 to $12 billion for Coinbase over time.
At the time of writing, Base is indeed the largest Ethereum Layer 2 by TVL, according to data from DefiLlama, with $5.39 billion and 752 listed applications.
If we consider the upper end of this estimate, $34 billion currently represents 37.33% of Coinbase’s $91.07 billion market capitalization. This comparison is limited, however, since the company would not hold the entire supply of a potential BASE token.
Regarding Coinbase’s stock market performance, JPMorgan also upgraded its recommendation on COIN stock to “Overweight”:
We are upgrading Coinbase to Overweight as we anticipate new monetization opportunities and reduced risks, at a valuation we consider attractive relative to its cryptocurrency peers.
This optimistic outlook is supported by two factors: “ongoing experimentation with USDC payments,” which is likely to boost earnings, and work on the BASE token that the company has recently developed.
Consequently, the bank’s analysts are forecasting a price of $404 per share by December 2026, while the stock is currently trading at $354.46. Moreover, JPMorgan’s forecasts helped COIN shares rise 9.82% during Friday’s trading session.
After reaching an all-time high (ATH) of $444.65 on July 18, the stock is now trading down by just over 20%:
Coinbase (COIN) daily stock price
While analysts are generally optimistic, it should nevertheless be noted that the price target set by JPMorgan seems relatively reasonable, given that it remains below the most recent all-time high (ATH). However, it is likely that we will be in the midst of a bear market by December 2026, and this scenario could therefore tip the scales.
