Coinbase Exchange is on a temporary shutdown as announced on October 25, 2025, because of a planned system upgrade.
The work starts at 7:00 AM PT and may last up to four hours. During this time, users can view accounts but cannot make trades or move funds.
Coinbase said it will post updates once full service returns.
Coinbase Maintenance Stops Trading and Transfers for Several Hours
Coinbase Exchange is in a scheduled maintenance window, as shared in a notice through its markets account on X. The upgrade began at 7:00 AM PT.
The Company said the work may take up to four hours. During this time, all trading and transfers are stopped.
Meanwhile, users are able to sign in and see balances, but actions on the platform will not be available.
The Company paused staking and card use as well. This means people cannot claim to earn rewards or make payments linked to the platform while the upgrade continues.
The update aims to support performance and security as the exchange grows.
A separate pause is affecting futures and derivatives users. That service went offline at 4:00 AM PT and it is expected to come back at 1:00 PM PT.
Additionally, this longer window comes from overlapping maintenance schedules. It creates a full morning without access to those products.
The company did not provide specific details about the changes. The statement only noted that this is a planned upgrade.
System maintenance like this is common in financial services platforms. It allows teams to prepare for higher traffic and a growing number of transactions.
Coinbase Exchange handles trading for users across many countries, so a full maintenance is planned in advance to reduce confusion.
Essentially, traders often expect some price movement during outages, but the company did not comment on market effects.
Outlook on Base Network and Growth From New Products
Away from the ongoing upgrade, analysts at JPMorgan have shared new views about Coinbase as a company. Their report raised the target price for the COIN stock.
According to the update, they see potential in the Base network. Base is a Layer 2 network built on Ethereum and launched in August 2023.
Since launch, it has grown to more than $5 billion in total value locked. It also records more than 9 million transactions per day.
JPMorgan said a Base network token could arrive in the future. The bank estimated that such a token could reach between $12 billion and $34 billion in market value over time.
If Coinbase holds 40% of the supply, it could bring $4 billion to $12 billion in value to the company.
Coinbase leadership has discussed this idea, who clarified that they are still exploring and have not arrived at a final plan.
Notably, the goal would be to support more builders and move the network toward decentralization.
Added Focus on Onchain Trading Options
Analysts also pointed to other ways the company could increase revenue. One area is the USDC yield program. Coinbase now shares most of the interest with users.
In addition, the company may decide to keep the yield for Coinbase One members only. That change could save about $374 million each year.
Another change in progress is the addition of a decentralized exchange aggregator inside the Base network.
Decentralized exchanges now handle around 25% of crypto spot trading volume. Coinbase is paying attention to the shift toward onchain trades.
The new feature would help the company remain active in that space without losing users to outside platforms.
More importantly, Coinbase Exchange will return once the system checks are complete. Users will then be able to trade and move funds again.
The company continues to update its technology and expand its business as interest in digital assets grows.
