Rich by Coin

In recent days, Bank of America upgraded Coinbase Global to Buy and reiterated a positive view on its expansion into stocks, ETFs, and prediction markets as the company pushes beyond core crypto trading to become an “everything exchange.” The bank’s commentary also drew attention to Coinbase’s growing subscription and services revenue mix and its Ethereum-based layer 2 plans, which together point to a business model less tied to pure trading volumes and more to platform infrastructure and recurring income streams.

Next, we’ll consider how Bank of America’s support for Coinbase’s push to become an “everything exchange” shapes its investment narrative. For Coinbase to make sense in a portfolio, you have to believe it can evolve from a cyclical, trading-heavy crypto exchange into a broader financial platform with meaningful subscription and infrastructure revenues.

Bank of America’s recent upgrade, and its endorsement of the “everything exchange” push into stocks, ETFs and prediction markets, reinforces that narrative and could sharpen near term focus on product execution and the upcoming Q4 2025 results on February 12. The stock’s sharp pullback over the past few months, despite solid profitability and a growing services mix, suggests the market is still treating Coinbase primarily as a proxy for crypto volatility. That makes regulatory uncertainty, competitive fee pressure and the execution risk of launching an Ethereum layer 2 and potential native token the key swing factors the Bank of America call brings back into the spotlight. However, one risk in particular could matter more than the others for shareholders.

Coinbase Global’s share price has been on the slide but might be dropping deeper into value territory. Twenty eight fair value estimates from the Simply Wall St Community span roughly US$109 to US$510, showing just how far apart individual views can be. Set against Coinbase’s push to become an “everything exchange” and its growing reliance on services revenue, this spread underlines why it helps to weigh several perspectives before deciding how much of your thesis rests on trading volumes versus platform resilience.