JPMorgan Estimates Base Token Potential Market Cap at $34 Billion
Date: 2025-10-27 Author: Oliver Abernathy Categories: BUSINESS
According to a JPMorgan report published by The Block, the bank's analysts modeled the potential market cap of the Base token, which is linked to Coinbase's L2 network. They estimate the asset's total value could range from $12 billion to $34 billion. Coinbase, as the project's largest participant, could retain up to 40% of the token supply, giving it a stake worth between $4 billion and $12 billion.
This forecast is based on activity in the Base ecosystem: the experts noted that the coin's price will directly depend on the success of the network. Since its launch in August 2023, the total value locked (TVL) on the platform has exceeded $5 billion, and the number of daily transactions has remained stable at around 9 billion.
In October 2025, project creator Jesse Pollack announced a call for proposals on the token design. The community suggested that the launch of BASE could be a strategic move to increase the market value of Coinbase (COIN) shares.
JPMorgan experts agreed with this view and revised their forecast for the company's shares, raising their target price to $404 by December 2026. They attributed this change to expanded monetization opportunities and reduced risks thanks to the development of the L2 infrastructure and stablecoin economy.
The bank also noted an additional source of income for Coinbase: interest from Circle reserves, which ensure the stability of the USDC token. Analysts estimate that the company distributes approximately $374 million annually among users, but is considering changing the payment terms.
Furthermore, Coinbase is actively developing Base functionality by integrating a DEX aggregator to simplify access to decentralized exchanges. This decision is driven by growing trading volumes on such platforms, whose share of the overall market has reached 20%.
Following the report's publication, COIN shares rose nearly 10%, reaching $355, and Coinbase's market capitalization approached $91 billion.
Earlier, Ethereum co-founder Vitalik Buterin praised Base's development, praising the team's efforts toward decentralization.
