Key Highlights
- Bitcoin reached $93,259, marking an 11-week peak, driving cryptocurrency-related equities higher during Wednesday’s premarket session.
- Coinbase (COIN) advanced 1.8% premarket, while Robinhood (HOOD) climbed 1.6%, and Strategy (MSTR) increased 2.2%.
- Extended U.S.-Iran cease-fire announced by Trump enhanced risk appetite, with Bitcoin identified as the primary catalyst by market analysts.
- Piper Sandler upgraded its COIN price target to $180 from $150, keeping a Neutral stance.
- Coinbase introduced crypto-collateralized lending in the UK via DeFi protocol Morpho, after generating $2.17 billion in U.S. loan volume since January 2025.
Coinbase rolled out crypto-collateralized lending services for UK customers on Wednesday, leveraging DeFi protocol Morpho for backend operations, as COIN shares appreciated during premarket hours amid a broader cryptocurrency market rally fueled by reduced U.S.-Iran geopolitical tensions.
Bitcoin climbed to $93,259 over the past 24 hours — representing an 11-week peak — based on CoinDesk data. This upward momentum lifted cryptocurrency-exposed stocks throughout premarket trading.
COIN advanced 1.8% before the opening bell. Robinhood (HOOD) climbed 1.6%, while Strategy (MSTR), holding the largest corporate Bitcoin position, increased 2.2%.
Nexo analyst Iliya Kalchev explained to Barron’s that the upward movement stemmed from Bitcoin performance. He observed that “savvy traders looking for alternatives to digital assets landed on crypto stocks.”
President Trump’s decision to extend the U.S.-Iran cease-fire served as the macroeconomic catalyst. This pause in military tensions reduced defensive positioning and directed capital back toward higher-volatility assets.
Analyst Upgrades Price Target
On April 15, Piper Sandler increased its price objective on COIN to $180 from $150, maintaining a Neutral rating. The firm anticipates management will express optimism regarding trading volumes approaching Q1 earnings, especially within futures markets.
Piper observed that continuing geopolitical uncertainties might help balance more challenging year-over-year comparisons anticipated in Q2.
Earlier this month, Citizens reduced its COIN target to $355 from $400 while maintaining an Outperform rating. The firm highlighted a mixed capital markets environment while identifying institutional trading as the “clearest bright spot” for the quarter.
Citizens suggested that investors might be placing too much weight on short-term volatility while underestimating medium-term policy and business opportunities.
UK Market Expansion
On the product development side, Coinbase activated crypto-backed lending for UK customers. Users can now borrow USDC against Bitcoin and Ethereum collateral directly through Coinbase’s platform.
The technical infrastructure operates through Morpho, a DeFi lending protocol built on the Base network. Collateral transfers into a Morpho smart contract; USDC gets distributed from the protocol. Coinbase serves as the user interface — Morpho manages the loan book.
This architecture ensures Coinbase avoids balance sheet exposure. Interest rates adjust algorithmically according to real-time market supply and demand, without requiring fixed repayment timelines.
The UK launch represents the first international expansion of a product introduced in the U.S. during January 2025. U.S. loan volume through the Coinbase-Morpho integration has surpassed $2.17 billion.
The lending service forms part of a larger initiative to develop a comprehensive consumer finance platform in the UK, following Coinbase’s FCA registration and recent introductions of savings products and DEX trading capabilities.
MarketVector Indexes introduced the Coinbase Store of Value Index earlier this month, collaborating with Coinbase Asset Management. The index blends Bitcoin and gold within a rules-based, volatility-adjusted structure.
Citizens highlighted that the firm’s $2.17 billion in U.S. loan originations demonstrates the product has evolved into a substantial revenue stream — beyond experimental phase — now expanding into international markets.
