Coinbase Could Hit $300 Billion as AI Agents Reshape Finance: Artemis

Artemis CEO Jon Ma has released an open-source financial model for Coinbase, presenting a bull case scenario where the exchange could achieve a $300 billion market capitalization by 2031. This projection is based on several key assumptions: the significant growth of stablecoins to $3 trillion by 2031, with USD Coin (USDC) capturing 30% of this market, largely facilitated by Coinbase's partnership with Circle. Additionally, the model anticipates AI agents driving $7.5 trillion in annual spending by 2031, with Coinbase capturing one basis point of this flow through its involvement in the x402 protocol. The model also forecasts a shift in Coinbase's revenue mix, with subscription and services increasing from 40% to 65% by 2031, reducing reliance on volatile trading fees. These assumptions align with Coinbase's recent strategic moves, including staff reductions to become more AI-native and the launch of Agentic Wallets for machine-to-machine payments. The bear case for Coinbase in the same model values the company at approximately $70 billion.

(Source：BeInCrypto)