Shares of centralized cryptocurrency exchange Coinbase Global (NASDAQ:COIN) are perking up nearly 4% in Thursday afternoon, as Cowen analyst Stephen Glagola starts coverage with an Outperforming rating. Price target of $85 implies around 27% upside from Wednesday's close. "We view COIN's security infrastructure and regulatory adherence as a structural advantage vs. top global competitors," Glagola wrote in a note. Moreover, Coinbase (COIN) takes up 46% of total U.S. regulated centralized exchange spot volume as of 2021, up from 39% in 2020, Glagola estimated. Take a look at how Coinbase (COIN) recently became the first-ever crypto firm to join the Fortune 500 list of the largest U.S. firms by revenue. Coinbase's (COIN) intraday upswing comes despite modest selling pressure seen in bitcoin (BTC-USD -0.3%) and other major cryptos. Over the past year, COIN is off a whopping 71%, while bitcoin dips 25%. See why SA contributor Dilantha De Silva views Coinbase stock as a Buy.