- JPMorgan upgraded Coinbase (COIN) to Overweight, joining MARA and RIOT with bullish targets.
- The bank also increased its Bitcoin ETF holdings by 64%, now worth $343 million.
- DBS and JPMorgan’s Kinexys division launched a cross-chain tokenized deposit settlement framework.
JPMorgan is bullish on major crypto stocks, urging investors to accumulate shares in Coinbase (COIN), Marathon Digital (MARA), and Riot Platforms (RIOT).
The firm’s latest report, released through Arkham, shows that analysts have placed Overweight ratings on all three, indicating expectations of continued outperformance when compared to the broader market.
According to the data, Coinbase (COIN) has been upgraded from Neutral to Overweight, with analysts setting a price target of $399, up from the current $305.84 level.
Marathon Digital (MARA) and Riot Platforms (RIOT) maintain their Overweight designations from September 26, with price targets of $20 and $19, respectively. Both stocks currently trade in the mid-teens, suggesting a 25-35% upside potential in the short term.
Related: Riot Platforms Defies Bitcoin Halving, Posts Strong Q2 Earnings
JPMorgan Deepens Crypto Exposure
JPMorgan recently revealed holding 5.28 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), a 64% increase from June. These holdings, valued at roughly $343 million, is a major green flag in the form of institutional adoption.
Also, JPMorgan’s Kinexys division has partnered with Singapore’s DBS Bank to pioneer a real-time cross-chain settlement framework for tokenized deposits. The move will allow global banks to move liquidity between blockchains instantly, reducing settlement times from days to seconds.
JPM Coin and the Rise of Tokenized Banking
Earlier today Bloomberg reported that JPMorgan has begun rolling out its JPM Coin deposit token to institutional clients. Representing US dollar deposits, the token operates on Coinbase’s Base blockchain, enabling 24/7 instant payments.
Initially tested with Mastercard, Coinbase, and B2C2, JPM Coin will soon expand to other corporate clients and additional currencies, pending regulatory approval. The bank has also trademarked the ticker JPME for a euro-denominated version.
Why Bullish on Crypto Stocks?
MARA recorded its highest ever quarterly revenue in Q3, printing a 93% in gains when compared to the previous year. The Bitcoin miner has also earned a significant $123 million or $0.27 per share compared to a loss of $124 million in the same quarter in 2024.
Meanwhile, Coinbase posted higher than expected profits as well for Q3, raking in $1.79 billion, up from $1.13 billion in 2024. The trading volume shot up from $185 billion last year to $295 billion in 2025. While analysts expected revenues at $172.6 million, Riot Platforms beat them, posting $180.2 million in revenue. This marked earnings of 26 cents per share while the estimation was 21 cents per share.
Related: MARA Holdings (MARA) Suing Texas Officials Over Local Regulation
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