Goldman Sachs raised its price target on Coinbase to $196 from $173, maintaining a Buy rating and citing sustained cryptocurrency market strength and expansion in derivatives and prediction markets.
Canaccord also lifted its Strategy price target to $175 from $130 with a Buy rating, saying the setup for the stock has materially improved in recent weeks. The analyst moves come as Bitcoin climbed to $80,000 and institutional appetite for crypto exposure broadened across derivatives venues.
Goldman's new target implies roughly 24% upside from Coinbase's close on August 25. The bank cited two structural drivers: the ongoing recovery in crypto markets following this year's volatility, and faster-than-expected adoption of Coinbase's newer product lines. Derivatives trading and prediction market activity have grown significantly on the platform over the past twelve months, with institutional traders accounting for a rising share of daily volume.
Canaccord's upgrade comes after the firm held its previous $130 target since early 2026. Coinbase stock has moved 68% year-to-date through late August.
Goldman's derivatives thesis rests on Coinbase's established position as a crypto exchange paired with regulatory clarity around onchain trading. The bank also noted the prediction market vertical as an emerging revenue source, though it remains early-stage in the United States. Competitors including Kraken and Gemini have launched similar products, but Coinbase's retail and institutional user base gives it distribution advantages.
Over the past six weeks, Raymond James upgraded AMD, while Bank of America remained positive on Nvidia, Micron and Marvell. Moderna, Dynatrace and Shift4 Payments also received analyst upgrades in the same window.
Goldman and Canaccord now forecast Coinbase and Strategy will benefit from sustained Bitcoin strength rather than a near-term pullback. If Bitcoin trades below $70,000 for more than two weeks, both firms would likely revisit their near-term assumptions.
