Coinbase Expands Toward “Everything Exchange” Model

Tokenized stocks and broader market access

Coinbase plans to launch tokenized stock trading with automatic dividend payments, with the product described as backed one-for-one by underlying U.S. equities. The company’s broader equities push will also allow customers to transfer stock portfolios from other brokerages and trade them through Coinbase.

Coinbase CEO Brian Armstrong said on X that Coinbase’s tokenized stocks differ from products he described as “some form of derivative or IOU.” Armstrong said: “For the first time, these are real 1:1 backed tokenized stocks you can trust.” He added that users would own “an actual chunk of the company on-chain,” framing the product as real ownership rather than synthetic exposure.

Customers can trade U.S. stocks, exchange-traded funds and indexes through Coinbase Advanced alongside cryptocurrencies. Coinbase is also preparing to launch options trading for both cryptocurrencies and traditional equities in the coming months, expanding the platform into strategies generally associated with more advanced investors.

The company is also widening its derivatives business with perpetual futures tied to thematic baskets, including artificial intelligence, defense and Chinese equities. Coinbase is launching pre-IPO perpetual futures that let traders take long or short exposure to companies before public listings.

The first pre-IPO perpetual futures exposure starts with SpaceX, referenced as SPCX. Coinbase said contracts tied to OpenAI and Anthropic are expected to follow.

Coinbase is also adding prediction-market products, including short-term crypto prediction contracts, bundled wagers that combine multiple forecasts into one position and new contracts for time-based crypto price predictions.

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AI tools, borrowing and consumer products

Coinbase introduced Coinbase Advisor, described as one of the first SEC-registered AI-powered investment advisory tools. The service will initially be available to Coinbase One subscribers in the U.S. and is designed to provide portfolio recommendations, tax-loss harvesting guidance and market analysis.

The company is also expanding AI functionality through a tool that allows AI agents to make trades and transfers on a user’s behalf. The feature moves Coinbase’s AI push beyond market commentary and into execution-based financial workflows.

Coinbase is adding instant access to new token launches on Solana and Base, with Base identified as Coinbase’s incubated Ethereum layer-2 network. Coinbase is also introducing the ability to borrow against staked Solana through integrations with Jito and Morpho, allowing users to use staked-Solana positions as collateral.

The company is upgrading the Coinbase One Card with a travel portal powered by Rocket Travel by Agoda. Purchases made through the new travel portal will offer 5% back in Bitcoin, compared with the card’s typical 2% to 4% Bitcoin rewards range.

Coinbase is also launching a USDC-backed version of the Coinbase One credit card, broadening access to users who may not have an approved credit history. Ben Shen said customers have responded positively to the broader product mix, saying: “We've seen a lot of customers once again kind of embrace this concept of I can hold it all in one place, I can grow it, and I can use it.”

Coinbase’s expansion beyond spot trading follows its participation in the first government-guaranteed Bitcoin-backed mortgage. It also follows Coinbase’s May 2026 milestone of becoming the first U.S. centralized exchange approved to offer crypto perpetual futures.

Ben Shen said Coinbase expects demand for crypto to expand beyond its current users. “We think that a lot more people are going to want to buy crypto, even far beyond our existing customer base,” Shen said. He added: “Coinbase is a great place for them to do that, in addition to fulfilling their other needs.”

The competitive implications are broad because Coinbase’s new product set overlaps with crypto exchanges, brokerages, banks and fintech firms. The expansion includes trading, payments, lending, asset management, advisory tools, derivatives, tokenized assets, card rewards, travel benefits, AI-agent activity and new token access.

Coinbase is also adding new transfer controls for additional account security. The company’s widening product suite makes security controls a more visible part of the platform as Coinbase adds more asset types, account functions and financial workflows.