U.S. Tiger Securities upgraded Coinbase Global (NASDAQ: COIN) stock. Coinbase is the largest United States-based cryptocurrency exchange, letting retail and institutional users buy, sell, sto
U.S. Tiger Securities upgraded Coinbase Global (NASDAQ: COIN) stock.
Coinbase is the largest United States-based cryptocurrency exchange, letting retail and institutional users buy, sell, store, and trade digital assets like Bitcoin (BTC) and Ethereum (ETH).
Beyond exchange services, Coinbase operates Base, an Ethereum layer-2 network, and offers staking, custody, and stablecoin infrastructure through USDC. Its revenue is closely tied to crypto trading volumes, making the stock a direct proxy for broader market sentiment.
As per analyst Bo Pei on July 7, the upgrade is directly related to Bitcoin's price action rather than Coinbase-specific catalysts.
The firm believes Bitcoin has likely entered the final quarter of the current bear-market process.
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Bitcoin has experienced a roughly 54% drawdown from its October 2025 cycle high, with materially reset on-chain profitability and approximately three meaningful realized-loss capitulation waves.
As of press time, Bitcoin was trading at $63,800, as per Decibel.
BTC/USD. Source: DecibelDecibel
U.S. Tiger Securities was careful to stop short of calling a bottom. The firm stated it does not call the exact bottom but believes the largest part of the cycle de-risking is already behind the market.
The analysts viewed the remaining downside as increasingly resembling that of a late-bear market.
Pei wrote that upside belongs to the next cycle of liquidity recovery, institutional allocation, and broader crypto risk appetite.
Trending on TheStreet RoundtableU.S. Tiger Securities analysts upgraded the stock to Buy from Hold on July 7, setting a price target of $200.
The move marks a reversal from the firm's Hold stance, which it maintained as recently as May.
Not every analyst shares that optimism. Baird has reiterated a Neutral rating on Coinbase, projecting second-quarter revenue roughly 8% below consensus on a 22% sequential drop in crypto trading volumes.
COIN shares were trading 2.80% lower intraday at $164.15 at press time, below U.S. Tiger Securities' new target.
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