Ethereum has been on a thrilling rise lately, reaching near record highs, driven by booming activity and growing adoption across its network. Experts say that crypto exchange Coinbase is poised to be the biggest winner from this crypto rally, due to its strong position in the crypto market and deep involvement in the Ethereum ecosystem.
Let us find out why Coinbase could be the standout performer.
Bernstein Sees Coinbase as the Biggest Winner
Bernstein analysts said in a recent note that Coinbase is set to gain the most from rising ETH prices as alt season kicks in, thanks to its 250+ listed tokens and new Base chain integrations.
Since June 5, Ethereum has risen around 80%, driven by Circle’s market debut and increased stablecoin usage on the Ethereum network. It also recently broke the $4000 barrier after 8 months.
Base is Driving Ethereum Revenue for Coinbase
Base is now one of Ethereum’s most active Layer 2 chains, processing over 9 million transactions daily across stablecoins, trading platforms, and DeFi apps. While Base does not have its own token, all transaction fees are paid in ETH, which brings Coinbase roughly $75 million in annual revenue.
The new Base App makes it easier for users to trade, store, and send crypto, including stablecoin payments, strengthening Coinbase’s ties to Ether’s rapidly growing ecosystem.
The analysts expect rising ETH and related tokens to boost Coinbase’s trading volumes and fees in Q3 and Q4. With ETH staking already making up about 10% of its revenue, Coinbase stands to earn more as prices climb.
Coinbase Rides ETH Gains with Big Holdings
Bernstein also highlighted spot ETH ETFs like BlackRock’s ETHA, offering a 2.9% staking yield. They expect more companies to adopt an “Ethereum treasury” strategy, buying and staking ETH to boost returns.
Coinbase itself holds around $590 million worth of ETH, about 136,782 tokens, making it the 6th-largest corporate holder. This means any price increase boosts its balance sheet.
Bernstein believes the crypto bull market is still in its early stages, and both ETFs and treasury firms could see strong growth as trading volumes rise and adoption spreads.
Q2 Was Mixed, But Q3 Could Shine
In July, Coinbase’s trading fees jumped about 40% from the Q2 average, due to heavier ETH trading. Bernstein recently increased its target from $310-$510, calling it the most misunderstood crypto stock.
For Q3 2025, Coinbase expects about $360M in July transaction revenue and also expects total subscription and services revenue to range between $665 million and $745 million, largely fueled by higher average crypto prices and a new all-time high in USDC’s market capitalization during July.
Why Coinbase Could Be the Star of This Rally
Coinbase is benefiting from Ethereum’s price surge in multiple ways. It earns trading fees from ETH and related tokens, generates revenue from ETH fees on Base, and gains directly from the appreciation of its own ETH holdings.
It is well placed to be one of the biggest winners if Ethereum’s rally continues.
