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Bernstein says crypto-linked equities like Coinbase, Robinhood and Figure now trade about 60% below last year’s peaks, but analysts see growth in revenue and earnings through 2027.Broker Bernstein told clients on Monday that the steep selloff in crypto-linked equities had created a more attractive entry point into tokenization and onchain-finance themes, while maintaining bullish ratings on Coinbase, Robinhood and Figure.
In a note to clients, Bernstein maintained Outperform ratings on all three companies while cutting price targets, arguing the reset had improved the risk-reward profile for investors seeking exposure to onchain finance. Shares of the trio have fallen between 57% and 62% from their 2025 peaks, although Bernstein continues to forecast double-digit growth in revenue and earnings through 2027. The firm lowered its price target on Coinbase to $330 from $440, on Robinhood to $130 from $160 and on Figure to $67 from $72, citing near-term pressure and the prospect of weak first-quarter earnings results. Crypto-linked stocks were edging higher in premarket trading Monday, offering early signs of stabilization after the recent selloff. COIN rose about, tokenized credit and onchain prediction markets, which it expects to gain traction over the coming years. The broker argued that the recent drawdown had created a more attractive entry point into those themes.Figure is framed as the clearest tokenization play. Bernstein forecasts its consumer-loan marketplace volumes will reach $12.8 billion this year and $16.5 billion by 2027 as the company expands beyond home equity lines into adjacent categories such as small business and auto lending.Robinhood’s outlook is tied to newer revenue streams. Bernstein sees prediction markets evolving into a $240 billion industry, with event contracts contributing about 17% of the company’s trading revenue and roughly 10% of total revenue next year. Growth in margin lending, subscriptions and deposits is also expected to support earnings alongside any recovery in crypto activity.For Coinbase, Bernstein expects the business mix to continue shifting away from spot trading toward derivatives and stablecoin-related income. The firm estimates derivatives could account for up to 14% of trading revenue by 2027, while stablecoin fees, particularly those linked to Circle (, where it argued that USDC remains a durable long-term revenue driver. Circle captures the bulk of reserve yield while platforms like Coinbase distribute the product, the analysts said, so stablecoin income can keep compounding even if regulators tighten how much yield can be passed on to end users.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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