Tiger upgrades Coinbase on Bitcoin outlook
8th July 2026 – (New York) U. S. Tiger Securities has upgraded Coinbase Global (NASDAQ: COIN), citing improving prospects for Bitcoin rather than any company-specific developments. Coinbase, the largest. . .
8th July 2026 – (New York) U. S. Tiger Securities has upgraded Coinbase Global (NASDAQ: COIN), citing improving prospects for Bitcoin rather than any company-specific developments. Coinbase, the largest cryptocurrency exchange based in the United States, provides trading and custody services for retail and institutional clients dealing in digital assets such as Bitcoin and Ethereum. In addition to its core exchange business, the company operates Base, an Ethereum layer-two network, and offers staking, custody and stablecoin infrastructure linked to USDC. Because its revenues are heavily dependent on trading activity, Coinbase shares are widely viewed as a barometer of sentiment across the broader crypto market. In a note dated 7 July, analyst Bo Pei said the upgrade was driven primarily by Bitcoin’s recent price performance. The firm believes the cryptocurrency has entered the final phase of the current bear market cycle. Bitcoin has fallen by approximately 54 per cent from its cycle peak in October 2025, a period marked by sharply reduced on-chain profitability and three notable waves of realised-loss capitulation. At the time of writing, Bitcoin was trading at $61,879, according to market data provider Decibel. While U. S. Tiger stopped short of declaring that the market has reached its absolute bottom, it said the bulk of risk reduction appears to have already taken place. The remaining downside, analysts suggested, is characteristic of a late-stage bear market. Pei added that any meaningful upside would likely depend on a renewed cycle of liquidity expansion, increased institutional allocations and a broader recovery in risk appetite towards digital assets. The brokerage upgraded Coinbase shares to “Buy” from “Hold” and set a price target of $200, reversing its previous stance maintained as recently as May. Other analysts are more cautious. Baird has reiterated a “Neutral” rating on the stock, forecasting second-quarter revenue around 8 per cent below consensus expectations amid a 22 per cent quarter-on-quarter decline in crypto trading volumes. Coinbase shares were trading 2. 38 per cent lower intraday at $159. 62, remaining below U. S. Tiger’s revised target price.