The banking giant JPMorgan has dramatically improved its outlook on Coinbase (COIN) stock this October 24th. The firm upgraded the rating from ‘Neutral’ to ‘Overweight’ and set a new $300 price target. The central thesis, according to a client note from the bank, is the potential Base token valuation if the L2 network decides to launch one.
JPMorgan’s analysis places the new price target for COIN at $300 per share. This represents a significant leap from its previous estimate of $220. This optimistic revision is based almost entirely on the explosive growth and adoption of the Base network. The investment bank calculates that a hypothetical native token for this Layer 2 blockchain could unlock immense value. Specifically, they estimate it would reach a market capitalization of $34 billion.
The note highlights that the potential value that could be unlocked is “too significant to ignore.” Although Coinbase has repeatedly denied plans to launch a token, the financial institution considers it a key bullish catalyst. The report underscores this opportunity as a fundamental factor in the upgrade.
Will Base become Coinbase’s most valuable asset?
The market’s reaction to the JPMorgan note was immediate and positive. COIN shares experienced a notable surge in pre-market trading, reflecting investor enthusiasm. This renewed optimism suggests that investors see Base as a fundamental pillar of Coinbase’s future growth. It is no longer just complementary infrastructure. The report positions Base not just as a technical utility, but as a potentially monetizable asset. This perspective redefines the Base token valuation for the entire company. For the crypto sector, it validates the thesis that L2s accumulate massive value.
JPMorgan’s upgrade redefines the strategic conversation around Coinbase. The company is no longer perceived just as a leading exchange, but as an expanding, integrated tech ecosystem. While the Base token valuation remains speculative, it sets a clear benchmark for the market and competitors. Attention now centers on Coinbase’s response to this market pressure. The coming months will be crucial to watch how the company manages Base’s growth, whether or not it decides to capitalize on it with its own native asset.
