Bank of America upgraded Coinbase (COIN) to a Buy rating, saying the exchange is building a business that reaches well beyond crypto trading. The firm kept its $340 price target, which the report said implies nearly 40% upside from current levels.
Coinbase pitches a broader financial app
In a research note released Thursday, BofA analyst Craig Siegenthaler said Coinbase is moving toward an “everything exchange.” The idea is a single app that could eventually let users trade stocks, buy crypto, send peer-to-peer payments and participate in prediction markets.
Some of that roadmap was outlined at Coinbase’s product showcase in December. The company announced plans for 24/5 trading in S&P 500 stocks and ETFs, equity perpetuals for international markets in 2026, and a new prediction markets tab through its partnership with Kalshi, a CFTC-regulated exchange.
Commodities and Base are central to the next phase
Earlier on Thursday, Coinbase also said Copper and Platinum futures will start trading on the platform on January 26. That addition widens its offering beyond core crypto spot and derivatives activity and gives users another reason to stay inside the platform.
Base, Coinbase’s Ethereum layer-2 network, is another major focus. It launched without a token, but management is now considering a native token as a way to support decentralization and encourage usage. BofA estimates that such a move could generate billions of dollars in cash while strengthening Coinbase’s position in decentralized finance.
Tokenized real-world assets add another revenue path
The company is also developing Coinbase Tokenize, a platform aimed at bringing assets such as private equity and real estate onto the blockchain. The product is intended for asset managers seeking access to younger on-chain investors, while also using blockchain rails for faster settlement and lower fees.
COIN shares have fallen 40% from their July high, and short interest has risen, but BofA said Coinbase is still early in monetizing its broader platform. The bank’s view is that short-term results remain sensitive to swings in crypto prices, especially bitcoin, while the longer-term story is a shift from a trading venue to a more comprehensive financial hub.