Scheduled Maintenance Disrupts Trading and Transfers
Coinbase Exchange is currently undergoing a planned system upgrade, leading to a temporary shutdown of trading and fund transfer services. The maintenance began on October 25, 2025, at 7:00 AM PT and is expected to last for up to four hours. During this period, users can still access their accounts to view balances but will be unable to execute trades or move funds. Coinbase has stated that it will provide updates once full service is restored.
The company has also paused staking and card functionalities, meaning users cannot claim rewards or make payments linked to the platform while the upgrade is in progress. This maintenance is intended to enhance performance and security as the exchange continues to grow.
In addition to the main platform upgrade, a separate maintenance window is affecting futures and derivatives users. This service went offline at 4:00 AM PT and is anticipated to resume at 1:00 PM PT. The combination of these overlapping maintenance schedules results in a significant portion of the morning without access to these specific products. Coinbase has not disclosed specific details about the changes being implemented, only confirming that it is a planned upgrade. System maintenance is a common practice for financial services platforms, allowing teams to prepare for increased traffic and a growing volume of transactions.
Coinbase Exchange serves a global user base, and such comprehensive maintenance is planned well in advance to minimize user confusion. While traders may anticipate price movements during system outages, the company has not commented on potential market effects.
Outlook on Base Network and Growth Potential
Beyond the immediate system upgrade, analysts at JPMorgan have offered new perspectives on Coinbase's future prospects, raising the price target for COIN stock. Their report highlights the potential of the Base network, a Layer 2 network built on Ethereum that was launched in August 2023.
Since its inception, the Base network has seen substantial growth, accumulating over $5 billion in total value locked and processing more than 9 million transactions daily. JPMorgan analysts suggest that a dedicated Base network token could be introduced in the future. They estimate that such a token could achieve a market value ranging from $12 billion to $34 billion over time. If Coinbase were to retain 40% of this token supply, it could translate to an additional value of $4 billion to $12 billion for the company.
Coinbase leadership has acknowledged these discussions, clarifying that they are exploring the possibility and have not yet finalized any plans. The primary objective behind such a move would be to support more developers and advance the network's decentralization.
Focus on Onchain Trading Options and Revenue Streams
JPMorgan analysts also identified other avenues for Coinbase to increase its revenue. One area of focus is the USDC yield program, where Coinbase currently shares a significant portion of the interest earned with its users. A potential change could involve reserving this yield exclusively for Coinbase One members, a move that could potentially save the company approximately $374 million annually.
Furthermore, Coinbase is working on integrating a decentralized exchange aggregator within the Base network. Decentralized exchanges (DEXs) currently account for about 25% of crypto spot trading volume, and Coinbase is actively monitoring this shift towards onchain trading. The introduction of this new feature aims to enable the company to maintain its presence in this evolving market and prevent users from migrating to external platforms.
Coinbase Exchange is expected to resume full operations once the system checks are completed, allowing users to once again trade and transfer funds. The company remains committed to updating its technology and expanding its business offerings amidst growing interest in digital assets.