SAN FRANCISCO, August 24, 2026, 14:47 EDT
- Coinbase introduced tokenized stocks on Base, making them available to eligible users located outside the United States.
- The initial assets are NVDAc, METAc, AAPLc and GOOGLc, each secured on a one-for-one basis with shares held in regulated custody.
- At 10:07 EDT, Coinbase stock was at $188.21, rising 0.92% during active U.S. trading.
- The product expands Base’s utility; however, the tokenized-equity sector is still minor compared to Coinbase’s current stablecoin presence.
Coinbase Global, Inc. NASDAQ:COIN on Monday introduced tokenized stocks on Base, expanding its onchain offerings with the addition of equities. Access in the United States is not yet available.
The investment argument focuses less on short-term trading fees and more on the potential for equity tokens to attract additional assets, lending, and exchange activity to Base.
The difference is significant. Tokenized equities climbed to a record $2.3 billion by mid-July, the launch release showed. Coinbase offerings averaged around $20 billion in USDC throughout the second quarter.
| Launch feature | Verified detail | Investor relevance |
|---|---|---|
| Initial tokens | NVDAc, METAc, AAPLc, GOOGLc and others | Increases selection of tradable assets on Base |
| Backing | One underlying share per token | Direct connection between token value and the stock |
| Custody | Regulated custody through Alpaca | Cuts, yet doesn’t eliminate, counterparty risk |
| Pricing | Continuous Chainlink data | Enables use for lending, trading and collateral management |
| Access | Eligible jurisdictions outside the U.S. | Restricts market reach at launch |
Coinbase offers the assets in compliance with Abu Dhabi Global Market regulations. This month, the company was authorized to facilitate investments and offer custody services for tokenized securities.
Antonio Garcia-Martinez, head of growth at Base, said Chainlink’s infrastructure “unlocks new utility for tokenized assets.” Lending markets and decentralized exchanges are now able to use the securities as collateral.
| Scale marker | Latest verified value | Comparison |
|---|---|---|
| Tokenized equities market | $2.3 billion | Represents 11.5% of average USDC stored via Coinbase products |
| Average USDC held on Coinbase | $20 billion | Roughly 8.7 times the size of tokenized equities market |
| Coinbase market value | $49.66 billion | Roughly 21.6 times tokenized equities market size |
The disparity in size highlights the potential. Tokenized stocks have the capacity to expand Coinbase’s ecosystem, though the existing market is not sufficient to drive overall group revenue by itself.
Coinbase has lessened its dependence on bitcoin spot trading. In the second quarter, revenue from subscriptions and services reached $555 million, making up 48% of net revenue. This compares with 29% in the fourth quarter of 2024.
| Coinbase operating measure | Q2 2026 | Reference point |
|---|---|---|
| Crypto trading-volume share | 10.3% | 9.1% in Q1 2026 |
| Subscription and services revenue | $555 million | 48% of net revenue |
| Adjusted EBITDA | $207.8 million | 14th straight quarter of positive results |
| Net result | -$359.5 million | GAAP net loss |
| Base stablecoin transaction volume | Sevenfold increase from a year earlier | Indicates ongoing network usage |
Chief Executive Brian Armstrong stated that Coinbase is “no longer a bet just on the price of Bitcoin.” Tokenized stocks align with that statement, though details on their economics have not yet been disclosed.
Coinbase shares changed hands at $188.21 as of 10:07 EDT on Monday, gaining 0.92% for the session. The stock moved between $184.93 and $191.84 during the day. The price remained 53% under the 52-week high of $402.16.
| Analyst view | Count or target | Latest disclosed example |
|---|---|---|
| Strong Buy | 19 analysts | Cantor Fitzgerald: Buy, $184, August 7 |
| Buy | 3 analysts | Goldman Sachs: Buy, $173, July 31 |
| Hold | 9 analysts | DBS: Hold, $200, August 13 |
| Sell / Strong Sell | 3 analysts | Barclays: Underweight, $95, July 31 |
| Consensus target | $194.97 | 3.6% higher than price at 10:07 EDT |
The analyst price targets show a rare level of divergence, stretching from $95 up to $330. This highlights the uncertainty regarding trading cycles, regulatory risks, and the company’s ability to deliver on new business.
The upcoming assessment concerns usage. Investors are advised to monitor token issuance, collateral movements, and determine if Base fees increase independently of substantial incentives.
Risks: Regulators may limit distribution or require alternative custody arrangements. Limited liquidity, pricing discrepancies, and smart contract failures could impede broader use.
The launch currently extends Coinbase’s strategic reach, but has yet to bring in demonstrated income. The company needs to turn onchain equity access into sustained trading activity and services-based revenue.
Related articles: NASDAQ:COIN
