Share this article
Coinbase Will Be ‘Meaningful’ Beneficiary of Ethereum Merge, JPMorgan Says
Coinbase's staking offering will drive revenue for the crypto exchange, JPMorgan's equity analyst said.
Updated May 11, 2023, 4:24 p.m. Published Aug 17, 2022, 2:50 p.m.
Crypto exchange Coinbase (COIN) is positioned to benefit from the Ethereum Merge as institutional and retail clients get value from staking ether , JPMorgan analyst Kenneth Worthington told clients in a note.
JPMorgan estimates that Coinbase has a 15% market share in ETH assets, which trumps its 7% share of the overall crypto ecosystem. Worthington says Coinbase’s market share is probably tilted toward institutions, which are more likely to own ETH and bitcoin , whereas retail customers may “traffic more in the more speculative tokens.”
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The bank further estimates that Coinbase can generate an incremental annual staking revenue of $650 million from the Merge, with ETH at $2,000 and a 5% yield. The exchange began offering Ethereum staking for institutional clients earlier this month.
“Coinbase is bigger in [ether] than was intuitive to us, thus leading directly to a bigger revenue opportunity,” the bank wrote. JPMorgan has a neutral rating and $64 price target on Coinbase shares, which closed Tuesday at $90.39.
Read more: Crypto Derivatives Traders Bet on Ether Staking Yields Doubling to 8% Post-Merge
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
JPMorgan Launches Tokenized Money Market Fund on Ethereum as Wall Street Moves Onchain
The $4 trillion U.S. bank is the latest financial giant in rolling out tokenized MMF onchain, joining BlackRock, Franklin Templeton and Fidelity.
What to know:
- JPMorgan Chase is launching its first tokenized money-market fund on Ethereum dubbed My OnChain Net Yield Fund (MONY), with an initial $100 million investment.
- The fund is part of a growing trend of blockchain-based financial products, with major firms like BlackRock and Franklin Templeton also entering the space.
- MONY allows investors to redeem shares using cash or USDC and aims to offer similar benefits to traditional money-market funds with added blockchain advantages.
Top Stories
