Coinbase Off to a Good Start in 2023: JPMorgan
One of the biggest contributors to revenue in the fourth quarter was from Coinbase’s relationship with Circle, the report said.
Coinbase’s (COIN) fourth-quarter adjusted loss per share of $2.46 beat JPMorgan’s estimate of a $2.85 loss per share but was worse than the consensus of $2.17 loss per share reported to Bloomberg, JPM said in a research report on Tuesday.
The bank raised its price target on Coinbase to $57 from $52, but maintained its neutral rating. At the time of writing, shares of Coinbase were down 1.5% at $61.16 in premarket trading.
“Coinbase is well positioned to deliver notable year-on-year improvement in EBITDA at current expense levels with the marked improvement in overall crypto volumes in 2023 thus far combined with somewhat better than anticipated costs cutting going into 1Q23,” analysts led by Kenneth B. Worthington wrote.
Unsurprisingly, trading volumes remained weak during the fourth quarter, but this was offset by take rates and higher interest income, the report added.
One of the biggest contributors to fourth-quarter revenue was from Coinbase’s relationship with Circle. Subscription revenue continued to grow in the quarter with USD coin (USDC) generating $146 million of interest income for the exchange, the report added.
More importantly, Coinbase said it now aims to generate positive earnings before interest, taxes, depreciation and amortization (EBITDA) “in all market conditions,” whereas previously it aimed to operate at EBITDA break-even across each crypto cycle, said JPMorgan.
The bank says this is a notable change given the level of restructuring and “business realignment” in the past several quarters.
Read more: Coinbase Q4 Revenue and Earnings Beat Expectations, but Transaction Volume Falls 12% From Q3
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
JPMorgan Launches Tokenized Money Market Fund on Ethereum as Wall Street Moves Onchain
The $4 trillion U.S. bank is the latest financial giant in rolling out tokenized MMF onchain, joining BlackRock, Franklin Templeton and Fidelity.
What to know:
- JPMorgan Chase is launching its first tokenized money-market fund on Ethereum dubbed My OnChain Net Yield Fund (MONY), with an initial $100 million investment.
- The fund is part of a growing trend of blockchain-based financial products, with major firms like BlackRock and Franklin Templeton also entering the space.
- MONY allows investors to redeem shares using cash or USDC and aims to offer similar benefits to traditional money-market funds with added blockchain advantages.
