Wall Street analysts raised their price targets on Coinbase and Strategy on August 25, extending a wave of more constructive calls on crypto-linked equities following Bitcoin’s sharp rebound toward $80,000. Goldman Sachs analyst James Yaro increased the firm’s 12-month price target for Coinbase to $196 from $173 while maintaining a Buy rating. The new target is 13.3% above Goldman’s previous forecast and implied approximately 9% upside from Coinbase’s Monday closing price of $179.48.
Canaccord Genuity analyst Joseph Vafi separately raised the firm’s Strategy target to $175 from $130, an increase of roughly 35%, while also maintaining a Buy rating. The target implied approximately 42% upside from Strategy’s Monday close of $122.63. The upgrades come after Bitcoin rallied more than 20% over the preceding week, briefly returning above $80,000 after trading around $64,000 earlier in August.
Goldman Sees Coinbase Growth Beyond Spot Crypto Trading
Goldman described its outlook for Coinbase as “cautiously optimistic,” with the investment case increasingly extending beyond the exchange’s sensitivity to cryptocurrency spot-trading volumes. Yaro cited structural growth opportunities across Coinbase’s brokerage and prediction-market businesses, potential upside from stronger crypto trading activity, regulatory progress in the U.S. and continued cost discipline. That diversification is increasingly important to Coinbase’s valuation.
The company historically generated a substantial portion of revenue from transaction fees, leaving financial performance closely tied to cryptocurrency prices, volatility and retail trading activity. Coinbase has since expanded subscription and services revenue while building businesses around stablecoins, institutional services, derivatives and other products. A stronger crypto market can nevertheless still provide significant operating leverage. Higher Bitcoin and Ether prices generally attract additional retail and institutional activity, while volatility can increase transaction volumes. Goldman’s $196 target remains relatively measured compared with the scale of Bitcoin’s latest recovery. Coinbase closed Monday at $179.48 after falling 3.76%, leaving the shares already within roughly $16.50 of Goldman’s new objective.
Canaccord Says Strategy’s Setup Has ‘Materially Brightened’
Canaccord’s Strategy revision was substantially larger. Vafi said the investment setup had “materially brightened” over recent weeks as company-specific developments combined with improving macroeconomic conditions. The analyst highlighted the recovery of Strategy’s STRC preferred equity toward par and described the company’s balance sheet as better positioned after several difficult months tested its Bitcoin treasury financing model. Strategy also disclosed a new “USD Cash” reserve on Monday within its Digital Credit Capital Framework, giving the company an additional liquidity pool that can support obligations while preserving flexibility around future capital deployment. Canaccord’s valuation remains explicitly tied to Bitcoin.
The firm’s $175 target assumes Bitcoin appreciates approximately 20% over the next 12 months and Strategy’s multiple of net asset value, or mNAV, recovers toward roughly 1.2 times from approximately 1.01 times currently. Canaccord expects that combination to support a renewed Bitcoin acquisition engine. That framework also demonstrates the risks embedded in Strategy shares. The company’s valuation depends not only on Bitcoin’s price but on investors continuing to assign a premium to its cryptocurrency holdings and capital-raising model. The two target increases therefore represent different expressions of the same improving crypto backdrop.
Goldman sees Coinbase benefiting from higher trading activity, regulatory progress and businesses extending beyond traditional crypto brokerage. Canaccord sees Strategy benefiting more directly from Bitcoin appreciation, improved financing conditions and the potential return of its leveraged accumulation model. With Bitcoin recently reclaiming $80,000, Wall Street is beginning to incorporate the market recovery into equity valuations. Whether the new targets prove conservative or optimistic will depend heavily on whether the latest crypto rally develops into a sustained cycle rather than another short-lived rebound.