Coinbase Global, Inc. stock swung 7% higher early Thursday.

Coinbase stock received a number of price-target hikes a day ahead of the cryptocurrency exchange's Q4 results, due late Thursday. Meanwhile, bitcoin has retreated from its $100,000 level for most of February.

H.C. Wainwright on Wednesday hiked its price target on Coinbase stock to 330 from 255 and kept a buy rating on the shares, The Fly reported. President Donald Trump's reelection in November "proved to be a shot in the crypto industry," the firm wrote.

H.C. Wainwright expects Coinbase to top Q4 earnings and revenue estimates, as well as upside to transaction revenue and total revenue forecasts based on the industry's "strong tailwinds."

Citi agrees that Coinbase is well-positioned to benefit as crypto begins a potential transition into a new era, according to a Friday research note. The firm maintained its bullish thesis on COIN stock, but expects it to remain a "risk-on" play throughout 2025. Shares will likely remain volatile around macro developments and sentiment swings, as old policies take time to untangle. Citi is also hopeful for stablecoin reform in mid-2025, which should provide a boost to Coinbase. The firm raised its price target on COIN stock to 350 from 275 and maintained a buy rating.

FactSet expects Coinbase to report earnings of $2.11 per share, up from $1.04 last year. Analysts forecast revenue will spike about 93% to $1.84 billion.

Transaction revenue is expected to increase to $1.26 billion, from $529 million last year. Analysts see subscription and services revenue spiking 63% to $611 million.

FactSet sees stablecoin revenue climbing to $253 million from $172 million.

Meanwhile, bitcoin traded around $96,000 early Thursday, but has held under $100,000 through most of February. Bitcoin hit a record high above $109,000 on Jan. 20 as President Trump's inauguration signaled a more crypto-friendly administration. However, Trump's tariff plans and uncertainty for the next Federal Reserve rate cut have stalled momentum, despite digital asset executive orders and pro-crypto appointments.