U.S. Tiger Securities has boosted its assessment of Coinbase Global's stock, moving it from a 'Hold' to a 'Buy' recommendation. This upgrade is primarily based on the firm's analysis of Bitcoin's market trajectory, rather than any internal developments at Coinbase.
Coinbase, a major U.S.-based cryptocurrency exchange, enables both individual and institutional investors to engage with digital assets such as Bitcoin and Ethereum. Beyond its exchange functionalities, the company operates Base, an Ethereum layer-2 network, and provides services for staking, custody, and stablecoin infrastructure, including USDC. The company's financial performance is closely linked to the volume of cryptocurrency trading, making its stock a key indicator of the broader market sentiment. Analysts at U.S. Tiger Securities anticipate that Bitcoin is nearing the conclusion of its current bear market phase, having already endured a significant correction of approximately 54% from its peak in October 2025. While the firm refrains from pinpointing an exact market bottom, it believes the most substantial risks associated with the cycle have largely passed.
Looking forward, the analysts predict that the market's upside potential will be realized in the next cycle, driven by an influx of liquidity, increased institutional involvement, and a broader appetite for cryptocurrency-related risks. Despite this optimistic outlook from U.S. Tiger Securities, which set a price target of $200 for Coinbase, other financial institutions like Baird have maintained a 'Neutral' rating. Baird's stance reflects expectations of a decline in Coinbase's second-quarter revenue due to a projected 22% reduction in crypto trading volumes. As of the latest reports, Coinbase shares were trading below U.S. Tiger Securities' target, indicating a divergence in expert opinions on the stock's immediate future.
The fluctuating analyses underscore the dynamic and often unpredictable nature of the cryptocurrency market. While some foresee a robust rebound for Bitcoin and, by extension, Coinbase, others remain cautious, highlighting the importance of sustained market recovery and institutional confidence for long-term growth.