Coinbase recently announced that it will launch tokenized stocks, and in the future, it will also open features for prediction markets and early token launches, aiming to create a crypto version of an "all-in-one exchange." Although the company's Q2 financial report was below expectations, with its stock price dropping over 6% on the same day, its intention to expand its business is clear.

Tokenized Stocks: A Key Weapon Against Robinhood

Coinbase is transitioning from a "pure cryptocurrency exchange" to a "multi-asset platform," and the launch of tokenized stocks means it is starting to encroach on the territory of retail investment platforms like Robinhood. Simply put, in the future, you may be able to buy "on-chain US stocks" directly on Coinbase using USDC, trading around the clock without market hour restrictions, theoretically more efficient than T+2 settlement. However, the reality is not so simple. The current stance of U.S. regulators on "stock tokens" remains unclear—

• Are they considered securities?
• Do they require compliant custody?
• How should the price anchoring mechanism be set?

Until these questions are resolved, tokenized stocks can only be seen as a "gray innovation."

For traders, it is important to pay attention to whether Coinbase will launch a batch of popular stocks (such as Tesla, NVDA) in token form once it successfully goes live.

Be aware of whether they become short-term speculative targets!

Prediction Markets: Competing with Kalshi and Polymarket

Coinbase's interest in prediction markets is not new, but this time it has clearly included it in its product roadmap, directly competing with Kalshi (CFTC licensed) and the on-chain prediction platform Polymarket.

The core of these markets is "information trading" (for example, betting on the outcomes of political events, economic data, etc.), and if Coinbase can integrate prediction markets with its trading ecosystem, it will further extend user engagement and activity. However, there are two major risks:

• Will regulators allow "financialized gambling-style predictions" to go live? There are still concerns in the U.S. about "gambling speculation" in prediction markets.
• Can a sufficiently liquid market be built to ensure that prediction results have reference value? Market liquidity is key; otherwise, it could become a quiet guessing game.

If Coinbase later launches event trading, it may trigger "atypical market catalysts," such as changes in prediction market odds corresponding to macro event nodes—this type of information may be worth considering as a reference signal in the future.

Q2 Financial Report "Dulls," Instead Sparks Strategic Breakthrough Will

Although Coinbase's Q2 performance was poor, in the context of a sluggish overall market and regulatory uncertainty, this "counter-cyclical move" may be a strategy to actively seek growth points. They are not waiting for the bull market to return but are trying to break through with products to "bring users back"—transforming from "trading assets" to "trading various possibilities."

This means: Coinbase wants you to not only buy coins here but also predict inflation, buy tokenized US stocks, and grab new projects.

Conclusion

Coinbase is attempting to create a composite platform akin to a "Web3 version of Futu + Interactive Brokers + PredictIt," leveraging tokenized stocks, prediction markets, and early token launches to penetrate the traditional financial sector.

This is not only a business transformation but also a strategic gamble on the boundaries of compliance.

If successful, Coinbase will firmly establish itself at the center of the next bull market; if it fails, it will face a dual backlash from regulators and the market.

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