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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Analysts predict Bitcoin price action
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 $61,879, as per Decibel.
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.
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Coinbase ratings remain split
U.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 2.38% lower intraday at $159.62 at press time, below U.S. Tiger Securities’ new target.
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This story was originally published by TheStreet on Jul 8, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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