#ETH4500Next? Coinbase is becoming a major player in the Ethereum ecosystem.

Ethereum's Rally: Bernstein noted that Ethereum's token, ETH, has surged 80% since June, largely fueled by stablecoin activity on the network.

Coinbase's Earnings: Coinbase benefits from this growth in several ways:

Base Chain: Its Layer 2 chain, Base, processes millions of daily transactions, generating revenue for Coinbase in ETH.

Trading: The exchange's decision to list all Base tokens has boosted trading activity and brokerage fees.

Treasury: Coinbase holds a significant amount of ETH in its treasury, valued at $590 million, directly benefiting from the token's price increase.

Analyst Outlook: Bernstein has an "outperform" rating on Coinbase with a price target of $510, indicating a bullish long-term view on the company's position within the crypto market.