JPMorgan Chase upgraded Coinbase's stock rating from "neutral" to "overweight" and raised its target price from $342 to $404. The bank noted that despite a roughly 30% year-to-date increase in Coinbase's stock price, it remains attractive compared to its peers, and its revised model suggests approximately 25% more upside potential.

JPMorgan analyst Kenneth Worthington stated that Coinbase is evaluating the possibility of issuing the Base token, a move that could become a key catalyst for ecosystem expansion. He estimates the token's market capitalization could be between $12 billion and $34 billion, potentially balancing shareholder value and community growth. Coinbase's promotion of a monthly subscription service is also seen as a potential growth driver. (CNBC)