Coinbase Expands Beyond Crypto With Stocks, Prediction Markets, and Solana DeFi in Push Toward a Unified Financial Platform

From Crypto Exchange to Multi-Asset Hub, Coinbase Unveils Broad Product Expansion as Analysts Reassess Growth Outlook

TL;DR

• Coinbase is rolling out U.S. stock trading, prediction markets, and Solana-based DeFi access inside its core app as part of an “everything exchange” strategy.
• The expansion uses USDC and USD as a settlement layer and positions Coinbase against traditional brokerages and emerging onchain competitors.
• Analysts and markets reacted positively, with Coinbase shares rising as the company targets new revenue streams beyond crypto trading fees.

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Coinbase has unveiled one of its most ambitious strategic expansions to date, signaling a decisive shift from a crypto-only exchange toward a full-scale financial services platform that blends digital assets, traditional equities, prediction markets, and decentralized finance under a single user experience. The rollout, disclosed on December 18, introduces commission-free stock trading for U.S. customers, prediction market access through Kalshi, direct integration with Solana-based decentralized exchanges via Jupiter, and longer-term plans to support tokenized real-world assets. Together, the initiatives mark a clear attempt to reposition Coinbase as a multi-asset hub at a time when competition for retail and institutional users is intensifying.

Stock trading is the most concrete addition in Coinbase’s “everything exchange” push, and it’s already rolling out to U.S. users through Coinbase Capital Markets Corp. Customers can buy, sell, and manage stocks and ETFs alongside their crypto holdings inside the same Coinbase account, using either U.S. dollars or USDC rather than being limited to a separate brokerage setup. The company says trading will be commission-free, and it’s pairing that with extended hours, including the ability for select stocks to trade 24 hours a day, five days a week. Coinbase also told media outlets that “Zero-commission stock trading will be a permanent offering on Coinbase,” while declining to disclose the revenue model, and it said it plans to add “thousands” of additional stocks over the coming months.

Prediction markets represent another pillar of the expansion. Through a partnership with Kalshi, Coinbase is offering access to a wide range of event contracts tied to real-world outcomes across politics, economics, sports, and other categories. Management has described the ambition as providing the broadest possible selection of contracts on a single platform, an implicit challenge to existing crypto-native prediction markets. The timing is notable, as interest in event-based markets has surged over the past year alongside growing institutional curiosity. Industry estimates cited by analysts suggest the prediction market sector currently generates close to $2 billion in annual revenue, with projections that figure could grow severalfold by the end of the decade if regulatory clarity improves and mainstream adoption accelerates.

The company is also leaning more heavily into decentralized finance without forcing users to leave its ecosystem. Integration with Jupiter allows Coinbase customers to trade assets available on Solana-based decentralized exchanges directly from the Coinbase interface, tapping into Solana’s liquidity and routing infrastructure without requiring separate wallets or manual bridging. This move reflects a broader effort to blur the distinction between centralized and decentralized trading venues, offering onchain access while retaining the familiarity and compliance framework of a regulated U.S. exchange.

Looking further ahead, Coinbase has reiterated plans to support tokenized stocks and other real-world assets once regulatory conditions allow. While timelines remain dependent on guidance from U.S. regulators, analysts have pointed to tokenization as one of the largest long-term opportunities in digital finance, with some estimating a multibillion-dollar addressable market if adoption reaches even a fraction of traditional capital markets.

According to DLNews, the broader expansion also includes AI-powered portfolio tools designed to help users interpret market data and construct diversified allocations, as well as continued global growth of Coinbase’s self-custody Base app, which now operates in more than 140 countries and incorporates social and earning features. Coinbase has additionally begun offering services that allow companies to issue custom branded stablecoins, extending its reach into payments and corporate finance infrastructure.

Markets responded favorably to the announcement. Coinbase shares climbed as much as 4.6% intraday on December 18, extending gains in after-hours trading as analysts reassessed the company’s growth profile. Analysts broadly viewed the update as a coordinated expansion that materially widens Coinbase’s addressable market and shifts the company beyond a crypto-only exchange. J.P. Morgan analyst Kenneth Worthington said the rollout of U.S. stock trading, perpetual equity futures for non-U.S. users, and the Coinbase Advisor product signals a reshaping of Coinbase’s core business, noting that the breadth of new products creates opportunities across both transaction-based and subscription revenue models. He also pointed to branded stablecoins and the continued expansion of the Base app as important drivers of long-term engagement. J.P. Morgan maintains an overweight rating on Coinbase with a $244.19 price target.

Clear Street analyst Owen Lau similarly described the announcement as a deliberate move toward a broader financial platform, highlighting stock trading as a notable shift that could eventually lead to tokenized equities. Lau said the AI-powered advisor could improve retention, particularly among less experienced users, while derivatives remain a central growth pillar, citing the launch of equity futures with up to 20x leverage and 24-hour market access. He added that derivatives could help reduce earnings volatility over time, especially following Coinbase’s $2.9 billion acquisition of crypto options exchange Deribit. Clear Street rates Coinbase a Buy with a $415 price target.

Citi analysts, led by Peter Christiansen, called the update a milestone that deepens Coinbase’s competitive moat by expanding access to traditional assets while building out payments, developer tools, and tokenization rails. They highlighted USDC-based payments, x402 transactions, and upgrades to Coinbase’s developer platform as key to diversifying revenue and enabling new use cases, while stressing that execution and regulatory clarity remain critical. Citi reiterated a Buy rating with a $505 price target, compared with Barclays’ equal-weight rating and $291 target.

This article has been refined and enhanced by ChatGPT.