JPMorgan Chase upgraded Coinbase Global’s rating to “Overweight” with a raised price target of $404, citing eased risks and increased growth opportunities. Analysts see potential for a native token on Coinbase’s Layer-2 network Base that could unlock between $12 billion and $34 billion in market value, translating to roughly $4-12 billion in value for Coinbase if it retains ~40 % of supply. Additional upside stems from reorganising its USDC rewards and subscription programme, which could add about $374 million in annual earnings.