Coinbase Shares Rise on Ambitious Year-End System Update Roadmap
On December 18, 2025, Coinbase unveiled its year-end System Update roadmap, leading to shares rising as much as 4.6%, reaching $255.41 intraday and trading around $249.48 after the announcement.
The roadmap includes expansion into equity trading, tokenization, stablecoin infrastructure, AI-powered tools, and Base App expansion, signaling a shift from a crypto-only exchange to a broader financial platform.
JPMorgan's Kenneth Worthington highlighted that the move into more asset classes and tools broadens Coinbase's total addressable market, mentioning U.S. equity trading, perpetual equity futures for non-U.S. users, and the Coinbase Advisor product, assigning an overweight rating with a $244.19 price target.
Clear Street’s Owen Lau described the update as a coordinated expansion, emphasizing stock trading, an AI-powered advisor, potential tokenized equities, direct deposit features, crypto lending, derivatives offering up to 20x leverage, and 24/7 market access, maintaining a Buy rating with a $415 target.
Citi analysts, led by Peter Christiansen, viewed the update as expanding access to new and traditional assets, building payments, developer tools, and tokenization rails to deepen liquidity. They described Everything Exchange as ambitious but noted the need for clearer disclosure and regulatory certainty, assigning a Buy rating with a $505 price target.
Barclays maintained an Equal Weight rating with a $291 target.
Overall, Wall Street price targets range from $244 to $505, reflecting divergent views on execution and regulatory outlook.
Earlier in the year, Coinbase announced a $2.9 billion acquisition of crypto options exchange Deribit, complementing its broader strategic growth.
