Coinbase took the stage in Manhattan and rolled out its next “Everything Exchange” phase. The pitch is bigger than crypto rails. The company wants one account that can replace a brokerage, an advisor, and a bank, while expanding into stocks, options, derivatives, prediction markets, and AI-driven investing.
Coinbase executive Max Branzburg led the announcement and framed the goal in blunt terms. “The Everything Exchange is becoming the most powerful platform for you to trade every asset in the world,” he said.
Tokenized stocks with “true ownership” claims
The centerpiece is tokenized stocks Coinbase calls “true stock ownership, fully on-chain.” Branzburg argued Coinbase’s design differs from what he labeled rival “tokenized equity” products, which he said are backed by some underlying stock while issuing derivatives against it. His critique was direct. “You own an IOU at best,” he told the audience.
Coinbase’s answer, per the event description, is 1:1 backing. Tokens would be “backed one for one,” with holders able to “actually own the shares,” receive dividends, and keep “all the shareholder rights you would expect.”
The practical benefits Coinbase highlighted track what users may care about. Holders can trade 24/7, lend the tokens for interest, use them as loan collateral, and gift them. The tokenized shares roll out next month for non-US customers.
That last detail matters. Outside the US rollout suggests Coinbase is still threading the regulatory needle at home, even as it positions tokenized equities as a system upgrade rather than a novelty.
Pre-IPO perpetual futures and heavy leverage themes
Coinbase also launched “pre-IPO perpetual futures.” The idea is exposure to private companies before they list. Branzburg pointed to high-profile examples like SpaceX and upcoming launches involving Anthropic and OpenAI.
Coinbase paired this with thematic indices, including AI, China, defense, and the top 100 tech stocks. The described feature is 20x leverage on those themes.
For US users, Coinbase said options trading will begin “in the coming weeks.” The filing for scale here is clear. Coinbase is moving beyond spot and simple derivatives, building a broader product shelf that resembles a traditional brokerage menu, but with crypto-style execution.
Coinbase’s approach also leans on acquisition history. The launch builds on Coinbase’s earlier moves into stock trading and prediction markets, and on its 2025 $2.9 billion acquisition of Deribit. The company said it is folding Deribit into a “unified global liquidity pool.”
Prediction markets expand, with binary contracts and combinable bets
On prediction markets, Coinbase introduced “hundreds of new crypto binary markets.” It also added 15-minute contracts and “combos,” described as bundling multiple predictions into a single position. Coinbase also said traders can “roll up multiple predictions into a single, much more powerful position,” per the announcement.
roll up multiple predictions into a single, much more powerful position,
It is a familiar pattern in crypto markets. Bigger menus attract bigger usage. But Coinbase is also stepping into a regulatory gray zone that tends to tighten quickly when products spread.
Coinbase has already moved in this direction, the event recap notes, so this looks less like a random detour and more like a continuation of a strategy it started earlier.
One account, AI investment tools, and on-chain crypto rails
Coinbase also introduced Coinbase Advisor, described as an SEC-registered, AI-powered investment advisor. It is rolling out first to Coinbase One members.
It also launched Coinbase for Agents, which lets users deploy an AI agent to their portfolio within set limits. Coinbase added prediction-market combos as well, and a “New Launches” tab for trading new Base and Solana tokens “the moment they go live.”
On the Base side, Base announced new features including B20 tokens, “similar to ERC-20 tokens on Ethereum.” Base also introduced a Base MCP that works with “any AI agent,” as described by Base head Jesse Pollak.
Coinbase used the AI theme again for infrastructure claims too. Pollak said Base is adopting a privacy architecture that includes auditability and compliance tools for regulators.
Tokenized equity competition heats up outside the US
Tokenized stocks put Coinbase in direct competition with Robinhood and Kraken, which already offer similar tokenized-equity products outside the United States.
Coinbase’s differentiation pitch is ownership mechanics. It says rivals leave users with an IOU rather than shares. If Coinbase’s “backed one for one” design holds up operationally, it could matter for holders who care about dividends, rights, and transferability.
If it fails, users still face the core asset risk of tokenized exposures, including market risk, issuer and custody risk, and any regulatory constraints that can change product terms.
The checklist to watch next
The announcement comes with deadlines and product sequencing. Tokenized shares are scheduled to roll out next month for non-US customers. Options trading for US users is slated “in the coming weeks.” Meanwhile, pre-IPO perpetuals and additional prediction market products are already in the mix.
From a policy and compliance angle, the most important question is how Coinbase keeps adding wrapped and AI-assisted financial products while staying within the rules that apply to each category. The company is betting that the “one account” framing will help it sell these layers as a single experience, not a stack of separate regulatory regimes.
| Product / feature | What Coinbase says it does | Timing / scope mentioned | Source framing |
|---|---|---|---|
| Tokenized stocks | “True stock ownership, fully on-chain,” 1:1 backed, dividends and shareholder rights | Roll out next month for non-US customers | Unchained Crypto, quoting Max Branzburg |
| Pre-IPO perpetual futures | Exposure to private companies before they list | Launched in this phase | Unchained Crypto |
| Thematic indices | AI, China, defense, top 100 tech themes with 20x leverage | Launched in this phase | Unchained Crypto |
| Options trading | Options trading for US users | “In the coming weeks” | Unchained Crypto |
| Prediction markets | “Hundreds” of new crypto binary markets, 15-minute contracts, combos | Introduced in this phase | Unchained Crypto |
| Coinbase Advisor | SEC-registered AI-powered investment advisor | First to Coinbase One members | Unchained Crypto |
| Coinbase for Agents | AI agent operates portfolio within set limits | Launched in this phase | Unchained Crypto |
| Base B20 tokens | B20 tokens similar to ERC-20 tokens | Announced by Base | Unchained Crypto |
| Base MCP | Base MCP works with any AI agent | Announced by Base | Unchained Crypto |