This Thursday, Artemis CEO Jon Ma presented an open-source financial model on Coinbase (COIN), whose bullish thesis projects a $300 billion market capitalization by 2031. This analysis positions the exchange as the undisputed leader in Artificial Intelligence (AI) native finance, supported by the massive growth of stablecoins and agent-based commerce.
Coinbase is the winner of AI-native finance.
We believe $COIN can be a ~$300B+ company (6x from today)
Artemis open sources the BEST Coinbase financial model using onchain data.
You can now build models like the BEST analysts.
We believe Coinbase is WINNING in stablecoins,… pic.twitter.com/CaUrfjQvs9
— Jon Ma (@jonbma) May 7, 2026
The model assumes that the global stablecoin supply will reach $3 trillion by 2031, with USDC capturing 30% of the market thanks to Coinbase’s strategic alliance with Circle. Furthermore, the exchange is betting on the x402 protocol to manage machine-to-machine payments, within a context where Brian Armstrong restructured the company with AI-native “pods” and the goal of having more than 50% of the code be automatically generated.
This shift toward subscription and services revenue, which would represent 65% of its total turnover, seeks to reduce dependence on trading volatility. The success of this record valuation will depend on the adoption of agentic commerce and regulatory clarity in the U.S.
Source:https://x.com/jonbma/status/2052421901713105045
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