Coinbase adds stock trading and prediction markets as part of a broader push to become an “everything app” and “everything exchange”, a move rolled out around December 17, 2025. The step integrates equities and event-based contracts into the platform, widening investor options and aiming to diversify revenue away from crypto-only trading.
New product set: stocks, ETFs and prediction markets
Coinbase has introduced commission-free trading for traditional stocks and ETFs, with extended-hours access included in the new offering. In parallel, the exchange launched prediction markets through a partnership with Kalshi, a CFTC-regulated venue, enabling users to trade simple yes/no contracts on real-world events. A prediction market is a platform where participants buy and sell contracts that pay out based on the outcome of a future event.
These additions are delivered alongside the Base App, which replaces the former Coinbase Wallet and combines social features, trading and payments on Coinbase’s Base network using USDC.
Revenue outlook and competitive risks
The company projects material revenue upside from the new product mix; prediction markets alone are forecast to exceed $2 billion annually by 2025. Management frames the strategy as a way to stabilize earnings that have historically tracked crypto volatility. Analysts, however, flag risks: Mizuho has warned that the new markets could cannibalize existing crypto trading volumes if users shift capital from spot crypto trades into event contracts.
Competitively, Robinhood is expected to capture a meaningful share of prediction-market revenue because its user base may supply fresh funds for bets rather than reallocating existing holdings. These dynamics create a trade-off between broadening product reach and preserving core trading income.
Product integration and market implications
The Base App rebrand centralizes wallets, social interaction and trading flow into a single interface, aiming to increase engagement across asset types. The integration leverages USDC on the Base network to settle payments and trades internally, which could reduce latencies between crypto and non-crypto transactions. For institutional users and treasury managers, the combined offering presents a one-stop venue for portfolio diversity — from tokenized assets to equities and event contracts — but raises questions about internal liquidity management and fee allocation across product lines.
Coinbase’s expansion into stock trading and Kalshi-backed prediction markets marks a deliberate bid to diversify revenue and deepen user engagement following the December 17, 2025 rollout. The move could deliver steadier, multi-asset revenues if adoption scales, but will be shaped by cannibalization risks and head-to-head competition with incumbents. Next verified milestone: monitor user adoption rates and post-launch revenue disclosure to assess whether the new offerings augment overall trading volumes or simply shift existing capital within the platform.
