Emre Yumlu 
As the Ethereum ecosystem continues to expand rapidly, crypto exchange Coinbase (COIN) is standing out as one of the most strongly positioned public companies in the blockchain space, according to a recent report by Wall Street brokerage Bernstein.
The Rising Role of Ethereum and Coinbase
Bernstein notes that Ethereum’s native token ETH has surged 80% since June 5. This growth has been fueled by Circle’s (CRCL) listing and the market’s increasing recognition that the majority of stablecoins are minted on the Ethereum network.
Coinbase operates Base, one of the largest Layer 2 chains built on Ethereum. Processing over 9 million transactions daily, Base supports stablecoin transfers, trading, financial applications, and consumer-oriented services.
Base and ETH Revenue Potential
Although Base does not have its own native token, transaction fees are paid in ETH. This positions Coinbase to earn an estimated $75 million in annual revenue. Furthermore, Base has become a leading chain for token deployments. By integrating all Base tokens into its main exchange platform, Coinbase has significantly boosted trading activity, increasing ETH-denominated commission revenues.
Strengthening Its Position in the Ethereum Ecosystem
With the launch of the Base App, Coinbase now offers users a wallet to buy, sell, store, and transfer crypto — including stablecoin payments — more easily. Additionally, the company holds an Ethereum treasury of 136,782 ETH, valued at around $590 million.
According to Coinbase’s Q2 earnings report, trading fees in July rose by approximately 40% compared to the quarterly average, driven by increased ETH trading volume. This surge highlights both the broader excitement around Ethereum and Coinbase’s direct potential to benefit from the ecosystem’s growth.
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