System Update Recap: Innovation Accelerating

Research evidence excerpt

System Update Recap: Innovation Accelerating

USA | Payments, Processors & IT Services

Coinbase EquityJuneResearch17, 2026

FLASH NOTESystem Update Recap: Innovation Accelerating

We recently attended COIN's System Update, where they provided an update on RATING HOLD

the strides they are making across trading, payments, and AI. COIN has set a PRICE $169.27^

goal of becoming the primary AI-integrated unified exchange, with exposure to PRICE TARGET | % TO PT $198.00 | +17%

all asset classes on 1-platform. COIN also announced the launch of tokenized 52W HIGH-LOW $444.65 - $139.36

equities outside the US, as well as the expansion of credit card rewards, staked FLOAT (%) | ADV MM (USD) 79.9% | 1,590.25

asset lending capabilities, and crypto-backed mortgage capabilities. MARKET CAP $45.4B

TICKER COIN

Launch of Tokenized Equities - Yesterday announced the launch of tokenized equities outside the ^Prior trading day's closing price unless otherwise noted.

US, offering 1:1 backed tokenized equities with real exposure to the underlying stock. We wouldn't

expect tokenized equities to become available to US clients until there is an update to Reg NMS.

The tokenized equities will offer investors full shareholder rights, including dividend payments, and

will be fully on-chain. COIN views this as a major opportunity to access the 4-billion people globally

that currently do not have access to US equity markets. Importantly, the launch is complemented

by platform enhancements such as the ability to access COIN's full suite of products across the

platform with sub-second execution via the Launches tab.

Expansion of the "Everything Exchange" - COIN continues to execute on its "Everything Exchange"

strategy, expanding product breadth across asset classes, and derivatives while consolidating