Coinbase expands Solana-backed borrowing on Base

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Coinbase expands SOL lending

Highlights

Coinbase added Solana as eligible collateral for its onchain loan product via Morpho on Base, allowing users to borrow up to $100,000 against SOL.
Coinbase's crypto-backed lending surpassed $2.3 billion in originations driven mainly by bitcoin ($2.17 billion), with ether, XRP, cbETH, Dogecoin, Cardano, and Litecoin contributing smaller amounts.
Despite reporting a first-quarter net loss of $394.1 million and cutting 14% of its workforce, Coinbase maintains analyst support with Bernstein's $330 price target and trades around $205.

Solana lending rollout on Base

The Block reported that Coinbase has added Solana as eligible collateral for its onchain loan product, using the same Morpho integration on Base that already supports bitcoin, ether and several other digital assets.

Ben Shen, Coinbase's head of financial services and loyalty products, said the addition of SOL strengthens the platform's appeal for Solana users by giving them access to instant liquidity when needed. He said the expansion fits Coinbase's broader effort to build an "Everything Exchange" and increase the utility of assets customers trade on the platform.

Coinbase said users can borrow as much as $100,000 against their SOL holdings. The company added that its crypto-backed lending product, launched last year, has now surpassed $2.3 billion in total loan originations.

Loan mix and broader business backdrop

Bitcoin remains the largest source of collateral on Coinbase's lending platform, with $2.17 billion in cumulative originations. Ether-backed loans total about $110 million, followed by XRP at $31.6 million, cbETH at $3.34 million, Dogecoin at $2.33 million, Cardano at $1.8 million and Litecoin at about $802,000.

Shen said demand for crypto-backed loans continues to show strong traction as users turn to onchain financial services to make their holdings more productive. Coinbase also launched the product in the UK last month as part of its wider expansion in onchain finance.

The product expansion comes as Coinbase manages weaker financial performance and cost pressure. Last week, the company reported a first-quarter net loss of $394.1 million in a bear market, while also cutting about 14% of its workforce as it shifts toward AI-native operations.

Even so, some analysts remain positive on the stock. Bernstein said last week that Coinbase is starting to show evidence that its "everything exchange" strategy is gaining traction despite softer financial results, and it maintained an outperform rating with a $330 price target; Benchmark and Rosenblatt also reiterated Buy ratings. Coinbase is currently trading at around $205.

Our previous coverage looked at Coinbase’s recent operational headwinds, including a 14% workforce reduction tied to an AI-focused restructuring and a quarter marked by weaker revenue, a net loss, and service disruptions. We also outlined how COIN was trading in a volatile range with mixed technical signals and overbought readings, suggesting heightened downside risk unless support levels held and sentiment improved.

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