Mars Finance reports that on August 11, Bernstein analysts stated that with the rise of ETH and the arrival of the altcoin season, Coinbase will be the biggest beneficiary. Analysts led by Gautam Chhugani pointed out in a report to clients on Monday that ETH has risen 80% since the sensational IPO of stablecoin issuer Circle on June 5, sparking increasing interest from investors in the Ethereum ecosystem as they realized that most stablecoins are issued on the Ethereum network. Chhugani stated, "In cryptocurrency terms, this market structure is known as 'altcoin season rally,' where digital assets outside of Bitcoin rebound stronger relative to Bitcoin. We believe the altcoin rally has begun (as evidenced by the recent strong performance of ETH), and Coinbase will be the biggest beneficiary as it has listed over 250 tokens and integrated long-tail tokens on the Base chain within the Coinbase App." Analysts noted that the Base chain processes over 9 million transactions daily from various applications, with gas fees settled in ETH, providing Coinbase with $75 million in sequencer fees annually. They stated that Coinbase also earns brokerage fees by integrating Base chain tokens on its trading platform and launching the Base App for cryptocurrency trading. Analysts added that Coinbase's staking activities (primarily for ETH) account for 10% of the company's total revenue, so as asset prices rise, this income should also increase. They pointed out that Coinbase also holds a massive reserve of 136,782 ETH (worth $570 million).

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