US Tiger Securities recently adjusted its outlook on Coinbase Global, Inc. (NASDAQ:COIN), moving its recommendation from 'Hold' to 'Buy' and setting a target price of $200. This shift reflects a more optimistic perspective on the trajectory of Bitcoin, which the firm believes is nearing the conclusion of its current downturn. Despite a significant price correction from its peak in October 2025, analysts at US Tiger Securities suggest that the most challenging phase of the market de-risking has passed, paving the way for a potential rebound.

The investment firm's revised stance on Coinbase is largely predicated on an evolving assessment of Bitcoin's risk and reward profile. Their analysis indicates that the leading cryptocurrency has likely entered the final segment of its bear market cycle. This assessment comes after Bitcoin experienced a considerable decline from its high point in late 2025, accompanied by notable periods of realized-loss capitulation among investors.

While US Tiger Securities refrains from pinpointing the exact market bottom, they emphasize that the bulk of the market's de-risking process is now complete. The remaining downside, they contend, increasingly resembles the concluding stages of a bear market. This suggests that future market movements are more likely to be upward, driven by a confluence of factors.

Analyst Bo Pei highlighted several catalysts expected to fuel the potential upside. These include a forthcoming cycle of liquidity recovery, increased institutional allocation into the cryptocurrency space, and a general improvement in investors' risk appetite towards crypto assets. Coinbase, as a major platform facilitating crypto engagement for both individuals and institutions, is well-positioned to benefit from these anticipated trends.

Coinbase Global, Inc. operates a comprehensive platform that enables users to engage in various cryptocurrency activities, including buying, selling, transferring, trading, staking, and securely storing digital assets. The company's robust infrastructure and broad service offerings make it a key player in the evolving digital asset economy.

In summary, US Tiger Securities has expressed renewed confidence in Coinbase (COIN) by upgrading its stock to a 'Buy' rating. This decision is rooted in a belief that the cryptocurrency market, particularly Bitcoin, is poised for recovery after enduring a prolonged bear market. The firm anticipates future growth driven by enhanced liquidity, greater institutional involvement, and a renewed positive sentiment towards digital assets, all of which stand to benefit Coinbase's operations significantly.