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

JPMorgan and Benchmark see Coinbase’s sweeping product expansion as sharpening the bull case for shares of the crypto exchange, arguing that the breadth of new offerings unveiled on Wednesday could expand the company’s addressable market and drive engagement in ways that are not yet fully reflected in current expectations.

In notes following Coinbase’s Dec. 17 system update, analysts pointed to the company’s push to combine crypto, equities, derivatives, prediction markets, payments and onchain services within a single platform — an effort Coinbase has branded as its “everything exchange.”

Benchmark reiterated its buy rating on COIN and maintained a $421 price target, saying the product showcase marked a shift from marketing language to a clearer execution roadmap. The firm described the rollout as a step-change in Coinbase’s ambition to operate a unified financial platform that can diversify revenue beyond spot crypto trading cycles.

JPMorgan, which rates COIN at overweight, said the announcements meaningfully add to the ways users can transact and engage within the app. While the presentation was geared toward customers rather than investors and did not spell out economics, the bank said it sees a growing revenue opportunity across transaction-based and subscription-style products as engagement deepens.

Both firms highlighted Coinbase’s move into stock trading and prediction markets as particularly important. Benchmark said U.S. stock and ETF trading funded with dollars or USDC expands the platform’s daily use cases and positions Coinbase closer to multi-asset retail platforms.

The exchange’s management also framed the equity rollout as an early step toward tokenized stocks through its new Coinbase Tokenize platform, which Benchmark said could allow the company to participate in issuance and secondary trading if adoption accelerates.

Incoming features and products

Prediction markets, initially sourced from Kalshi, were flagged as another high-engagement product that could broaden the reasons users open the Coinbase app beyond crypto price movements.

Analysts also pointed to derivatives and decentralized trading as longer-term tailwinds, citing simplified futures and perpetuals inside the main app and the expansion of Solana DEX trading via Jupiter.

The bullish outlook also echoes a recent note from Deutsche Bank, which earlier this week initiated coverage of COIN shares with a buy rating and a $340 price target, citing the company’s push to become an everything exchange as a key driver of longer-term upside.

Coinbase’s stock has fallen in recent months alongside a stalling crypto market and now trades near seven-month lows around $243, according to The Block’s price data.