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Coinbase Could Be a Material ‘Beneficiary’ of Ethereum’s Merge Transition, JPMorgan Analyst Says

Coinbase Could Be a Material ‘Beneficiary’ of Ethereum’s Merge Transition, JPMorgan Analyst Says

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Coinbase Could Be a Material ‘Beneficiary’ of Ethereum’s Merge Transition, JPMorgan Analyst Says

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August 19, 2022
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Coinbase Could Be a Material ‘Beneficiary’ of Ethereum’s Merge Transition, JPMorgan Analyst Says

JPMorgan analyst Kenneth Worthington says digital currency exchanges like Coinbase will end up being a meaningful “beneficiary” of Ethereum’s long-awaited transition from proof-of-work (PoW) to proof-of-stake (PoW). Based on $2K ethereum prices and a 5% ethereum yield, Worthington explained that The Merge could boost Coinbase’s annual income by $80 to $100 million from staking services.

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“We see the staking revenue opportunity bigger (proportionally) than the income opportunity given we expect institutional staking clients will contribute meaningfully to [ether] staking revenue, but much less so for institutional customers,” Worthington said. “The vast majority of the economics remains with retail,” the JPMorgan analyst added. In order to be a validator 32 ether is required to stake on your own, but a number of exchanges offer ethereum staking services with negligible threshold requirements to earn from staked assets.

“We estimate Coinbase incremental annual staking revenue from the Ethereum Merge of $650 million based on $2,000 [ether] and 5% [ethereum] yield. We see [an] incremental annual income of $80-$100 million of staking income,” Worthington’s note detailed.

What do you think about the commentary from JPMorgan’s analyst Kenneth Worthington? Let us know what you think about this subject in the comments section below.

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