With Coinbase's earnings call anticipated, intense speculation surrounds the potential launch of a native token for its Base Layer-2 blockchain, a development that Wall Street analysts believe could significantly boost Coinbase's valuation and reshape the crypto landscape.
Base, launched in August 2023, has rapidly ascended to become a top-tier Ethereum Layer-2 network, ranking #4 in daily active users, #3 in total transactions, #4 in total value locked (TVL) surpassing $5.2 billion, and #5 in network revenue, according to data from Artemis and JPMorgan. The network's growth is driven by its integration with Coinbase, low transaction fees, and support for major applications like Friend.tech and Aerodrome.
In September, Base's official X account hinted that the network is "exploring a token," and Jesse Pollak, the project lead, confirmed that discussions are ongoing, though no final decision has been made. This has sparked widespread airdrop speculation, drawing comparisons to Arbitrum's token debut. "We continue to explore the idea of a Base network token," Pollak stated, emphasizing the cautious approach focused on stability and regulatory compliance.
JPMorgan analysts, in a report dated October 24, 2025, valued Base between $12 billion and $34 billion, with $4 billion to $12 billion of that equity value directly attributable to Coinbase. They upgraded Coinbase (COIN) to Overweight and raised their price target from $342 to $404, citing a Base token launch as a "major performance driver" that could monetize network activity, reduce platform risk, and capitalize on stablecoin demand. The report highlighted Base as a new business vertical with strong ecosystem effects, signaling a broader institutional shift toward valuing blockchains based on fundamental metrics like fees and user engagement.
Despite the optimism, regulatory hurdles with the SEC remain a concern, as any misstep could invite scrutiny. Analysts suggest a hybrid token model—combining utility, governance, and staking features—might mitigate risks while fostering community participation.
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