Key Highlights
- Bitcoin surged to $93,259, marking an 11-week peak, driving cryptocurrency-related stocks higher in Wednesday’s premarket session.
- Coinbase (COIN) advanced 1.8% premarket, while Robinhood (HOOD) climbed 1.6%, and Strategy (MSTR) jumped 2.2%.
- An extended U.S.-Iran cease-fire announced by Trump fueled risk-on sentiment, with Bitcoin identified as the primary catalyst for stock gains.
- Piper Sandler increased its COIN price target to $180 from $150, while maintaining a Neutral stance.
- Coinbase introduced crypto-collateralized lending services in the UK via DeFi protocol Morpho, after originating $2.17 billion in U.S. loans since January 2025.
Coinbase introduced crypto-collateralized lending services for United Kingdom users on Wednesday, leveraging DeFi protocol Morpho for backend operations, as COIN shares advanced in premarket hours amid a widespread cryptocurrency rally driven by reduced U.S.-Iran tensions.
Bitcoin reached $93,259 over the past 24 hours — its highest level in 11 weeks — data from CoinDesk shows. This upward momentum lifted cryptocurrency-exposed equities across the sector during premarket hours.
COIN shares climbed 1.8% before the opening bell. Robinhood (HOOD) added 1.6%, while Strategy (MSTR), which maintains the largest corporate Bitcoin treasury, increased 2.2%.
Nexo analyst Iliya Kalchev informed Barron’s that the advances were “all down to Bitcoin.” He further stated that “savvy traders looking for alternatives to digital assets landed on crypto stocks.”
President Trump’s extension of the U.S.-Iran cease-fire provided the macroeconomic catalyst. The temporary halt in military action reduced risk aversion and encouraged investors to return to higher-volatility assets.
Analyst Raises Price Forecast
On April 15, Piper Sandler increased its price forecast on COIN to $180 from $150, while retaining a Neutral rating. The firm anticipates management will express optimism regarding trading volumes ahead of Q1 results, especially in derivatives markets.
Piper observed that continued geopolitical uncertainty could help balance more challenging year-over-year comparisons anticipated in Q2.
Earlier in April, Citizens reduced its COIN target to $355 from $400 but maintained 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 may be underestimating medium-term policy and business opportunities in favor of short-term market volatility.
UK Market Expansion
On the product development side, Coinbase activated crypto-backed lending for UK customers. Users can now borrow USDC using Bitcoin and Ethereum as collateral directly through Coinbase’s platform.
The technical infrastructure operates through Morpho, a decentralized lending protocol built on the Base network. Collateral is transferred into a Morpho smart contract; USDC is distributed from the protocol. Coinbase serves as the user interface — Morpho manages the lending operations.
This structure allows Coinbase to avoid assuming balance sheet exposure. Interest rates are determined algorithmically based on current supply and demand conditions, with no mandatory repayment timeline.
The UK deployment represents the first international extension of a service that debuted in the U.S. in January 2025. U.S. loan originations via the Coinbase-Morpho integration have now surpassed $2.17 billion.
The lending service is part of a wider strategy to develop a consumer financial services ecosystem in the UK, following Coinbase’s FCA authorization and recent introductions of yield-generating products and decentralized exchange trading capabilities.
MarketVector Indexes also introduced the Coinbase Store of Value Index earlier this month, developed in collaboration with Coinbase Asset Management. The index blends Bitcoin and gold using a rules-based, volatility-adjusted methodology.
Citizens highlighted that the company’s $2.17 billion in U.S. loan originations confirms the product as a substantial revenue stream — beyond a test phase — now expanding into international markets.
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