Shares of cryptocurrency company Coinbase Global (NASDAQ: COIN) jumped on Tuesday after the stock got an upgrade from an analyst. As of 9:50 a.m. ET, Coinbase stock was up about 8%, but it had been up as much as 11%.

The stock market is generally up today as well, so this is also helping Coinbase stock. However, the bigger boost came from analyst Simon Clinch of Atlantic Equities. According to Street Insider, Clinch wrote a note to investors, laying out reasons why the stock has upside.  

Clinch noted that Coinbase is trying to make its business model more resilient to crypto market conditions, which can be quite volatile. He specifically cited Coinbase's custodial revenue as an example.

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Source Fool.com