Coinbase Global Inc (NASDAQ:COIN) is accelerating innovation across trading, payments and artificial intelligence, with recent product launches reinforcing its ambition to become a unified exchange for multiple asset classes and potentially broaden its addressable market, Jefferies analysts wrote following the company's System Update event.
The analysts highlighted Coinbase's launch of tokenized equities for customers outside the United States, offering 1:1 exposure to underlying stocks, including dividend rights, through fully on-chain assets.
Jefferies wrote that tokenized equities are unlikely to become available to US investors until changes are made to Regulation NMS.
According to the firm, Coinbase sees the offering as an opportunity to reach roughly 4 billion people globally who currently lack access to US equity markets.
Jefferies also pointed to Coinbase's continued expansion of its "Everything Exchange" strategy, which includes thematic index trading with leverage, additional crypto binary markets and new prediction market combinations that allow users to bundle forecasts into a single contract. The analysts wrote that options trading in the US is expected to roll out in the coming weeks.
On the artificial intelligence front, Coinbase introduced Coinbase Advisor, an AI-powered investment advisory service initially available to Coinbase One subscribers, and Coinbase for Agents, which allows users to authorize AI agents to execute trading strategies.
Coinbase also expanded its consumer finance offerings. Jefferies wrote that the company's x402 payment standard processed more than 185 million transactions over the past year and that Coinbase One members have earned $60 million in bitcoin rewards to date. New initiatives include bitcoin cashback on travel purchases, lending against staked assets and crypto-backed mortgages developed with Better, allowing borrowers to apply a portion of bitcoin holdings toward a home down payment.