Coinbase CEO Brian Armstrong has ignited curiosity across the crypto industry after announcing a livestream event for December 17, cryptically dubbed the company’s “next chapter.” The vague announcement has led to a flurry of theories about what the major U.S. exchange plans to reveal.

In a post on the social media platform X, Armstrong simply stated, “The next chapter of Coinbase is coming,” and pointed followers to an event page with a countdown. The page promises that “The future of money is here,” inviting users to be among the first to experience it. Community responses have been swift, with speculation ranging from new product launches to the long-rumored debut of a native token for its Base network.

A Push into Tokenized Stocks?

One prominent theory suggests Coinbase could be preparing to introduce or expand its services for tokenized stocks. These digital assets represent traditional equities on a blockchain, which allows for 24-hour trading and faster settlement times. Several competitors, including Robinhood, Gemini, and Kraken, already offer similar products to customers outside the United States.

Coinbase executives have previously discussed the potential for traditional financial instruments to migrate on-chain. While launching such a service in the U.S. would involve significant regulatory hurdles, interest in tokenized assets has been growing amid evolving policy discussions.

Expanding the ‘All-in-One’ Vision

Another possibility is that the announcement will focus on expanding Coinbase’s on-chain ecosystem. The company launched its “Base App” in July as part of a multi-year effort to make decentralized tools more accessible to mainstream users. Throughout the year, Coinbase has been integrating more features into the platform, including smart wallets and access to decentralized applications. Some users hope to see further integrations that solidify Coinbase as a central hub for on-chain activity.

A Foray into Prediction Markets

Speculation about a move into prediction markets has also intensified recently. This was fueled by independent researcher Jane Manchun Wong, who posted images of what appeared to be an unreleased Coinbase interface for trading event contracts. The screenshots suggested a potential partnership with Kalshi, a U.S.-regulated exchange for these types of contracts. If Coinbase were to offer regulated prediction markets, it would be one of the largest U.S. platforms to do so. Neither Coinbase nor Kalshi has commented on the matter.

The Long-Awaited Base Token

Perhaps the most discussed theory is the potential launch of a token for Base, Coinbase’s Layer 2 network. Despite the company consistently stating that it has no plans for a native token, many traders believe this could change as the ecosystem continues to grow. A token could play a role in the governance and decentralization of the network’s infrastructure, making it a highly anticipated development among users.