Key Takeaways
- Coinbase is acquiring Solana-native trading app Vector.fun, its ninth deal of 2025, to deepen on‑chain trading and Solana exposure. Coinbase
- Coinbase Derivatives is rolling out 24/7 altcoin futures (SHIB, AVAX, DOGE, ADA, LINK and more) starting December 5, with “perp‑style” futures to follow on December 12. CoinCentral
- ETH-backed loans are now live, letting eligible U.S. users borrow up to $1 million in USDC against Ethereum without selling it, expanding a program previously limited to Bitcoin. CoinCentral
- Analysts are split on COIN stock: Wall Street Zen just downgraded Coinbase to Sell even as the broader consensus stays at Moderate Buy. MarketBeat
- On-chain and market signals are mixed: Coinbase’s Bitcoin “premium” has been negative for three weeks, and a whale moved 222,200 LINK (≈$2.64M) to Coinbase, likely to sell. bloomingbit
Below is a full rundown of everything important happening around Coinbase today, November 22, 2025.
1. Coinbase Doubles Down on Solana With Vector.fun Acquisition
Coinbase has confirmed it is acquiring Vector, a Solana‑based on‑chain trading platform, in a deal expected to close by year‑end. Coinbase
In its official blog, Coinbase describes Vector as an on‑chain trading app built on Solana that will be integrated directly into the company’s DEX trading experience. The goal: make Coinbase “the best place to trade” by plugging in Solana’s high‑velocity markets and giving users faster access to a broader set of tokens. Coinbase
Independent coverage today highlights several key points:
- Strategic Solana push: CryptoNinjas, CoinDesk and CoinPaper all frame the deal as Coinbase’s biggest Solana move yet, coming as Solana DEX volume surpasses $1 trillion in 2025. CryptoNinjas
- Part of a 2025 M&A spree: CoinDesk notes this is Coinbase’s ninth acquisition this year, following major buys like derivatives exchange Deribit (~$2.9B) and on‑chain capital‑raising platform Echo (~$375M). CoinDesk
- What happens to Vector users: 99Bitcoins’ German‑language coverage reports that Vector’s mobile and desktop apps will be fully sunset, with users asked to move funds out by late November, and given up to four years to export private keys via Privy – preserving self‑custody even after the app shuts down. 99Bitcoins
Coinbase stresses that it is buying Vector only, not the broader Tensor ecosystem; the Tensor Foundation will continue to run the Tensor NFT marketplace and token independently. Coinbase
Why it matters:
- Integrating Vector’s Solana‑native order‑routing and asset‑discovery tools should give Coinbase users much faster access to new Solana tokens, especially meme coins and fast‑moving launches. 99Bitcoins
- The deal is another step toward Coinbase’s “everything exchange” vision – a unified hub that spans both centralized and on‑chain markets. Coinbase
2. 24/7 Altcoin Futures: Coinbase Gears Up for December Derivatives Wave
Several outlets today focus on Coinbase Derivatives’ plan to expand 24/7 futures trading to a large basket of altcoins.
According to CoinCentral, FinanceFeeds and The Block: CoinCentral
- From December 5, Coinbase Derivatives will offer round‑the‑clock monthly futures on:
Shiba Inu (SHIB), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Hedera (HBAR), Litecoin (LTC), Polkadot (DOT), Stellar (XLM), and Sui (SUI). - A week later, on December 12, Coinbase plans to launch U.S. “perpetual‑style” futures on the same altcoins. These mimic crypto perps with funding rates but use a five‑year expiration to fit within CFTC rules. The Block
- Leverage on these contracts can go up to 10×, and they’re aimed at both retail and institutional traders seeking around‑the‑clock exposure beyond Bitcoin and Ethereum. CoinCentral
Analysts at AInvest argue today that this 24/7 altcoin futures expansion is reshaping market structure, deepening liquidity and narrowing spreads, while giving institutions more sophisticated hedging tools. AInvest
This push builds on Coinbase’s earlier launches of 24/7 Bitcoin, Ethereum, Solana and XRP futures, and is explicitly positioned as a regulated alternative to the growing volume on decentralized derivatives venues like Hyperliquid and Lighter. The Block
Why it matters:
- Gives U.S. traders offshore‑style functionality under CFTC oversight.
- Strengthens Coinbase’s derivatives arm right as more volume migrates to on‑chain perps.
- Complements the Vector.fun acquisition by tightening the loop between on‑chain spot markets and centralized futures.
3. ETH‑Backed Loans Up to $1 Million: Coinbase Deepens Crypto Credit
One of the most widely discussed Coinbase moves this week – and still driving headlines today – is the launch of Ethereum‑backed loans.
Multiple sources (CoinCentral, CryptoNews, Unchained, TradingView/Cointelegraph and others) agree on the core facts: TradingView
- Coinbase has expanded its crypto‑backed loan product so that eligible U.S. customers (excluding New York) can now pledge ETH as collateral.
- Users can borrow up to $1 million in USDC against their Ethereum, with loans powered by the Morpho DeFi protocol running on Coinbase’s Base network. CoinCentral
- The structure mirrors a securities‑backed credit line: ETH is locked as on‑chain collateral; the user receives USDC, and faces liquidation risk if collateral value drops below set thresholds. CoinCentral
CoinCentral’s Ethereum market analysis today links this directly to price action: Ethereum has slid to around $2,625, its lowest level since July, after nine consecutive days of ETF outflows totaling roughly $1.33 billion. The piece argues that Coinbase’s ETH loans, by letting long‑term holders raise cash without selling, could support a medium‑term rebound. CoinCentral
CryptoNews also emphasizes that crypto‑collateralized lending has already reached about $73.6 billion in outstanding balances (per Galaxy Research), with Coinbase’s Bitcoin‑backed product alone facilitating over $1.27 billion in borrowing from roughly 16,000 customers. Cryptonews
Why it matters:
- For users: it’s a way to access liquidity without triggering a taxable sale of ETH (though tax treatment ultimately depends on local law). Cryptonews
- For Coinbase: it extends a high‑margin lending business and helps tie its Layer‑2 Base ecosystem into mainstream borrowing.
- For the market: it deepens collateralization of ETH, potentially increasing its role as a balance‑sheet asset for institutions.
4. Wall Street Is Split on Coinbase (COIN)
On the equity side, analyst sentiment on Coinbase Global Inc. (NASDAQ: COIN) turned more cautious today.
A MarketBeat instant alert reports that Wall Street Zen downgraded COIN from “Hold” to “Sell” in a note published Saturday, November 22. MarketBeat
Key points from that report:
- Despite the downgrade, overall Street consensus tracked by MarketBeat still sits at “Moderate Buy” with an average price target around $398.08, and many firms (BTIG, HC Wainwright, Cantor, Benchmark) continue to rate the stock Buy or Overweight. MarketBeat
- The downgrade comes after a strong quarter: Coinbase beat earnings expectations with EPS of $1.44 vs $1.04 estimate and $1.87B in revenue vs $1.77B expected, up 55% year‑over‑year. MarketBeat
- However, insider selling is heavy: executives and directors have sold roughly 755,000 shares worth about $235 million in the last quarter, which the report flags as a sentiment headwind. MarketBeat
Separately, InsiderMonkey today highlights “mixed analyst calls” on COIN, noting that Austria’s Erste Group recently cut its rating from Buy to Hold, warning that low‑fee Bitcoin ETFs could chip away at Coinbase’s lucrative retail trading revenues as investors choose ETF exposure instead of direct crypto purchases. Insider Monkey
Why it matters:
- Coinbase is executing aggressively on products (Solana, futures, ETH loans), but valuation, competition from ETFs, and insider selling are making some analysts more cautious.
- For investors, the stock has become a high‑beta bet not just on crypto prices but on Coinbase’s ability to monetize on‑chain infrastructure and derivatives while fending off ETFs and competitors.
5. Market Signals: Negative Coinbase Premium and a Large LINK Deposit
Beyond corporate news, today’s data feeds show mixed sentiment around Coinbase‑related flows.
Coinbase “Premium” Negative for Three Weeks
Market‑tracking site BloomingBit notes that the Coinbase premium – the difference between Bitcoin’s price on Coinbase and on other major exchanges – has remained negative for three consecutive weeks. bloomingbit
A negative premium typically implies:
- Weaker U.S. spot demand (Coinbase serves a large U.S. user base), or
- U.S. investors selling more aggressively than offshore traders.
The same note bluntly comments that “crypto assets need U.S. institutions to regain trust”, underscoring how crucial large, regulated venues like Coinbase remain to broader market confidence. bloomingbit
Whale Moves 222,200 LINK to Coinbase
On‑chain flows also show notable deposits into Coinbase today. According to Phemex’s news desk, an anonymous address moved 222,200 Chainlink (LINK) – worth about $2.64 million – in a two‑step transaction that ultimately ended on Coinbase at around 07:00 (UTC) on November 22. Phemex
Large transfers to an exchange are commonly interpreted as preparation to sell, although they can also be used for hedging (e.g., funding margin or futures positions).
Why it matters:
- Negative premium plus whale deposits reinforce the picture of a market still in risk‑off mode, despite Coinbase’s aggressive product roll‑outs.
- If Coinbase can turn its new futures and lending tools into deeper, more stable liquidity, it may help reverse this sentiment over time.
6. Token Sales & Global On‑Chain Access: Monad Sale Ends, Brazil DEX Rolls Out
First Coinbase Token Sale (Monad) Closes Today
Coinbase’s recently launched token sales platform is having a key milestone today.
- A November 10 Coinbase blog post introduced an end‑to‑end token sales platform, promising one carefully curated sale per month, with no listing fees, algorithmic allocation that favors smaller tickets, and strong issuer disclosure requirements. Coinbase
- Coinbase’s own MONAD disclosure PDF and third‑party trackers show that the first sale – for Monad’s MON token – runs from November 17, 2025, 9:00 a.m. EST to November 22, 2025, 9:00 p.m. EST, offering up to 7.5 billion MON (7.5% of initial supply) at $0.025 per token. Coinbase
This marks the first broad opportunity since 2018 for many U.S. users to participate in public token sales on a major regulated platform. Reuters
DEX Trading in Brazil Expands Coinbase’s Reach
While not dated today, a November 19 Coinbase blog – heavily cited in analysis this weekend – shows how the company is linking its global app to on‑chain markets:
- Coinbase is rolling out DEX trading inside the Coinbase app for Brazilian users, boosting the number of assets available from roughly 300 to tens of thousands, with potential for millions over time. Coinbase
- The integration, built initially on Base, uses DEX aggregators (e.g., Aerodrome, Uniswap) behind the scenes while keeping the familiar Coinbase interface – what the company dubs the “DeFi mullet”: Coinbase in front, DeFi in the back. Coinbase
Combined with the Vector.fun acquisition and the derivatives push, this positions Coinbase as a hybrid CeFi/DeFi gateway: centralized compliance and UX, but deep access to on‑chain liquidity.
7. Operations Check: No Major Incidents Reported Today
On the infrastructure side, Coinbase’s status page shows no incidents reported on November 22, 2025. Coinbase Status
That’s notable because:
- Yesterday (November 21) the platform dealt with Cardano network send/receive issues and delays for ETH on Base, both of which are now resolved. Coinbase Status
- Earlier in November, Coinbase also worked through degraded performance on perpetual futures, Solana sends/receives, and some fiat transactions, all now closed. Coinbase Status
For traders reacting to today’s news, the absence of fresh outages means the main variables are market conditions and product changes, not platform reliability.
What Today’s Coinbase News Means for You
Putting it all together, here’s the high‑level picture as of November 22, 2025:
- For active traders: December is shaping up as a big month on Coinbase: new 24/7 altcoin futures, U.S. “perp‑style” contracts, and the Vector integration should create more ways to trade Solana‑ecosystem assets and hedge altcoin exposure.
- For long‑term ETH holders: The new ETH‑backed loans let you raise dollars without selling, but they introduce leverage and liquidation risk. It’s effectively margin against your ETH – useful, but dangerous if the market falls.
- For Solana and on‑chain users: Vector + Brazilian DEX access signal Coinbase’s intent to be a front‑end for on‑chain markets, not just a centralized exchange.
- For COIN investors: The stock sits in a tug‑of‑war: strong growth, expanding product lines and on‑chain infrastructure on one side; ETF competition, insider selling and macro risk on the other. Today’s downgrade underscores that not all analysts are convinced the current valuation fully compensates for those risks. MarketBeat
As always, none of this is investment advice – but if you follow Coinbase closely, today’s news confirms that the company is betting heavily on derivatives, Solana and on‑chain credit as the next pillars of its business.
