Bank of America upgraded Coinbase shares to a buy rating, arguing the exchange is evolving beyond a pure crypto trading platform into a broader financial services company. In a research note, the bank cited Coinbase’s push into weekday equities trading, derivatives, and prediction markets as key drivers of longer-term value creation.
The firm highlighted recent product announcements, including plans for 24-5 stock and ETF trading, equity-linked perpetuals outside the US, and a prediction markets offering through a regulated partner. Bank of America also pointed to Coinbase’s Ethereum-based Base network and its consideration of a native token as potential sources of diversification and incremental revenue.
Despite recent weakness in Coinbase’s stock price, analysts said the company is increasingly less dependent on crypto trading volumes alone. From an institutional perspective, the expansion reflects competitive pressure among exchanges to offer multi-asset access while operating within regulated market structures.
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