Coinbase used its 2025 State of Crypto summit in New York City to double down on a familiar message.
The company rolled out a sweeping set of announcements that, according to one Wall Street analyst, reinforces the U.S. crypto exchange’s evolution “from being a cyclical cryptocurrency exchange to being a mission-critical infrastructure layer of crypto.”
The company unveiled a new payments protocol that Shopify will adopt, a native payments product powered by USDC, a treasury management platform for businesses, and the upcoming launch of the Coinbase One Card with Bitcoin rewards. All payments activity will settle on Base, Coinbase’s Layer 2, which Cantor Fitzgerald analysts say will drive incremental revenue and boost USDC demand.
On the trading front, Coinbase is preparing to integrate Base-based DEXs like Aerodrome directly into its core app — effectively making any onchain asset accessible from one platform.
The company also announced plans to launch CFTC-compliant U.S. perpetual futures and integrate crypto derivatives giant Deribit into Coinbase Prime, though analysts cautioned that user experience must be preserved. Coinbase last month agreed to acquire Deribit in a $2.9 billion deal.
“[O]ver the long term, we believe what COIN is doing on the trading side will allow it to increase its market share, and what it is doing outside of trading will materially alter how investors view COIN,” Cantor Fitzgerald analysts led by Brett Knoblauch wrote Friday in a note to clients.
While second-quarter trading volumes are tracking below expectations — $230–250 billion versus a prior estimate of $357 billion— the company’s long-term story is improving. Cantor Fitzgerald cut revenue estimates by about 4%, but reiterated an “overweight” rating on COIN, citing a stronger multiple on 2026 earnings. The analysts raised their 12-month price target from $253 to $292.
“We don’t expect material upside from these new products in 2025,” the note reads, “but by 2H26 and into 2027, the shift in investor perception could be profound.”
Coinbase’s stock trades around $240.50 per share at publication time, according to The Block’s COIN price data. The stock is down about 6% in the year-to-date period.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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