Coinbase Wins Citi Upgrade on Crypto Regulatory Optimism

Coinbase Global Inc. shares soared this year, and the potential for the rally to forge ahead has pushed Citigroup to upgrade the stock.

The cryptocurrency trading platform was raised to buy from neutral at Citi in a Tuesday note, as analyst Peter Christiansen said the possibility of a friendlier regulatory environment for the digital asset industry — and Coinbase specifically — has changed his view on the company.

“Shifts in the U.S. Election landscape and the Supreme Court’s overturning of the long-standing Chevron precedent has changed our view on Coinbase’s regulatory risks,” Christiansen wrote. “We surmise the upside opportunity from ...