Coinbase Earnings Call: Base Chain May Finally Get New Token and Wall Street Is Paying Attention

With the latest Coinbase earnings expected later today, the crypto exchange’s Base token has caught fire. The Ethereum Layer-2 that started as a technical curiosity is now one of crypto’s hypest chains that’s fast, cheap, and impossible to ignore.

But there’s a catch: it still doesn’t have a token. Rumors say that’s about to change, and if true, it won’t just redefine Base but rewrite the rules of how major exchanges interact with their own blockchains.

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Coinbase Earnings Point to Hype? More Signs For Possible Base Token Launch

After months of silence, Base’s official X account hinted in September that the network is “exploring a token.” Jesse Pollak, who leads the project, confirmed that discussions are underway, though no final decision has been made. That was enough to ignite a wave of airdrop speculation, reminiscent of Arbitrum’s token debut.

“We continue to explore the idea of a Base network token,” Pollak told users.

Unlike other Layer-2s that launched with immediate token incentives, Coinbase prioritized stability and regulatory compliance first.

Now, with Base processing millions of weekly transactions and hosting major apps like Friend.tech and Aerodrome, the groundwork is clearly set for a broader rollout.

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Wall Street Sees a $34 Billion Catalyst in Coinbase

If Coinbase really decides to launch a Base token, it’ll be walking a tightrope. The SEC is watching and one wrong move could drag the company back into regulatory hell. But who knows? Trump is the crypto president, after all.

99Bitcoins analysts think the safest route would be a hybrid token, part utility, part governance, a way to pay gas, stake, and participate in validation without waving a red flag at Washington.

Speculators are already treating Base like the next big airdrop. They’re minting NFTs, chasing yield, and flooding DeFi apps in a frenzy reminiscent of 2021. Total value locked has blown past $5.2 Bn, per DeFi Llama. Whether it’s conviction or blind hope, the money’s pouring in.

In a recent note, J.P. Morgan analysts called a Base token launch a “major performance driver” for Coinbase’s stock. They estimate it could unlock up to $34 Bn in equity value by monetizing Base’s network activity and creating a new on-chain economy tied directly to Coinbase’s brand.

“A Base token could help Coinbase capitalize on stablecoin demand and reduce platform risk exposure,” J.P. Morgan’s report stated, raising its 2026 price target on COIN from $342 to $404.

The Bottom Line

Coinbase has done what few in crypto ever manage and waited. It built the rails first, kept quiet about the token, and let the hype grow on its own. Now that patience looks ready to cash out.

Even without an airdrop, the idea of a Base token has become one of the most-watched storylines in the market. If Coinbase pulls it off, it could be the biggest flip in crypto history.

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