Key Highlights
- Bitcoin surged to $93,259, marking an 11-week peak, driving crypto-related equities higher during Wednesday’s premarket session.
- Coinbase (COIN) advanced 1.8% premarket, while Robinhood (HOOD) climbed 1.6% and Strategy (MSTR) jumped 2.2%.
- The extension of the U.S.-Iran cease-fire by President Trump fueled renewed risk appetite, with Bitcoin identified as the primary catalyst.
- Piper Sandler boosted its COIN price target from $150 to $180 while keeping its Neutral stance.
- Coinbase introduced crypto-collateralized lending services in the UK via Morpho DeFi protocol, after generating $2.17 billion in U.S. loan volume since January 2025.
Coinbase rolled out crypto-collateralized lending services to UK users on Wednesday through the Morpho DeFi protocol infrastructure, as COIN shares gained ground in premarket hours amid a wider digital asset rally sparked by diminishing geopolitical tensions between the U.S. and Iran.
đź“° Coinbase Expands Morpho Powered USDC Loans to UK
TLDR Coinbase has launched crypto-backed USDC loans for users in the United Kingdom through Morpho on Base. UK customers can borrow USDC against Bitcoin, Ethereum, and cbETH withou…
Source: Blockonomihttps://t.co/oyGFrjYv9m
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Bitcoin reached $93,259 over the trailing 24-hour period—its highest level in 11 weeks—based on CoinDesk data. This upward momentum propelled cryptocurrency-exposed stocks higher in pre-opening trade.
COIN shares climbed 1.8% before the bell. Robinhood (HOOD) advanced 1.6%, while Strategy (MSTR), which holds the largest corporate Bitcoin position, increased 2.2%.
Nexo’s analyst Iliya Kalchev explained to Barron’s that the market movement was “all down to Bitcoin.” He observed that “savvy traders looking for alternatives to digital assets landed on crypto stocks.”
The broader trigger came from President Trump’s move to prolong the U.S.-Iran cease-fire. This diplomatic development reduced risk-averse positioning and redirected capital toward higher-volatility assets.
Analyst Raises Price Projection
Piper Sandler increased its price objective for COIN to $180 from $150 on April 15, maintaining its Neutral rating. The investment firm anticipates management will express optimism regarding trading activity ahead of Q1 results, especially within futures markets.
Piper observed that persisting geopolitical uncertainties might help balance more challenging year-over-year performance metrics anticipated for Q2.
Earlier in April, Citizens reduced its COIN target from $400 to $355 while maintaining its Outperform rating. The firm highlighted a complex capital markets environment but identified institutional trading as the “clearest bright spot” for the quarter.
Citizens suggested that market participants might be undervaluing medium-term policy developments and business opportunities in favor of immediate market volatility.
International Lending Expansion
On the product development side, Coinbase activated crypto-backed lending for UK customers. The service enables users to borrow USDC using Bitcoin and Ethereum as collateral through Coinbase’s platform interface.
The technical foundation operates through Morpho, a decentralized finance lending protocol built on the Base blockchain. Customer collateral flows into Morpho smart contracts, with USDC distributed from the protocol. Coinbase provides the user interface while Morpho handles the underlying lending mechanics.
This architectural approach shields Coinbase from direct balance sheet exposure. Interest rates adjust algorithmically according to real-time market conditions, without predetermined repayment timelines.
The UK launch represents the first geographic expansion of a service introduced domestically in January 2025. U.S. loan volume through the Coinbase-Morpho partnership has surpassed $2.17 billion.
The lending feature forms part of a comprehensive strategy to develop a consumer financial services ecosystem in the UK, following Coinbase’s FCA authorization and recent introductions of savings options and decentralized exchange access.
MarketVector Indexes also introduced the Coinbase Store of Value Index this month through collaboration with Coinbase Asset Management. The benchmark merges Bitcoin and gold within a rules-driven, volatility-balanced structure.
Citizens highlighted that the company’s $2.17 billion in U.S. lending volume positions the product as a substantial revenue stream—beyond experimental phase—now expanding internationally.
