Coinbase(US:COIN) 美股IPO·2025-10-27 12:18Group 1 - Coinbase's CEO plans to "on-chain" the entire lifecycle of startups from establishment, financing to public listing, aiming for instant financing through smart contracts and USDC transfers [1][3] - The initiative is expected to make capital formation "more efficient, fair, and transparent," potentially increasing the number of companies seeking financing and entrepreneurship [4] - Morgan Stanley has upgraded Coinbase's stock rating to "overweight," reflecting positive market sentiment, with Coinbase's stock price rising approximately 10% [5] Group 2 - To achieve its vision, Coinbase will simplify the current cumbersome financing process using the recently acquired Echo platform, which has helped over 200 projects raise more than $200 million [6][7] - Echo will initially operate independently but will gradually integrate into Coinbase's ecosystem, connecting entrepreneurs seeking funding with Coinbase's $500 billion in managed assets and global investor base [7] - Coinbase is working with U.S. regulators to promote broader access to on-chain financing, challenging existing regulatory frameworks [8][10] Group 3 - Coinbase's on-chain strategy is closely linked to the development of its Layer-2 network, Base, which is a significant reason for investment banks' positive outlook [11] - Analysts estimate that if Base issues tokens, it could create a market opportunity valued between $12 billion and $34 billion, with Coinbase's share estimated at $4 billion to $12 billion [12]