The broker said crypto equities trading at steep discounts are approaching a floor into weak first-quarter results, revising price targets on Coinbase, Robinhood and Figure.
The broker said crypto equities trading at steep discounts are approaching a floor into weak first-quarter results, revising price targets on Coinbase, Robinhood and Figure.Bernstein sees crypto equities bottoming ahead of Q1 earnings after a ~60% drawdown from 2025 highs.
It lowered its price targets for Coinbase, Robinhood and Figure despite the long-term growth outlook.Crypto-linked equities are nearing a bottom heading into first-quarter earnings, according to Wall Street broker Bernstein, which said the sector’s roughly 60% drawdown from 2025 highs has created “big businesses at big discounts.” "The combination of geopolitics and temporary crypto weak sentiment is offering big discounts on crypto stocks," analysts led by Gautam Chhugani said in the Monday report. The broker expects near-term weakness to persist through Q1 results but views current levels as an entry point into companies with exposure to large and growing markets, including stablecoins, tokenization, prediction markets and derivatives. Since peaking in October 2025, crypto markets have undergone a sharp and sustained correction, with bitcoin falling roughly 40%–50% from record highs near $126,000 and the broader digital asset market value declining by about $2 trillion. The selloff, driven by a mix of macro pressures, regulatory uncertainty and unwinding leverage, has erased much of the prior bull run’s gains and weighed heavily on crypto-linked equities, pushing sentiment into a more cautious phase heading into 2026. Against that backdrop, the analysts revised their price targets while maintaining an upbeat longer-term outlook. The broker maintained outperform ratings on Coinbase , Robinhood and Figure . It lowered its Coinbase price target to $330 from $440, Robinhood’s target to $130 from $160, and Figure's target to $67 from $72. Coinbase was trading around $165.50 at publication time, Robinhood at $67.10, and Figure at $31.14. The analysts said a combination of macro uncertainty and weak crypto sentiment has weighed on valuations, but expects a turn as earnings clarify fundamentals and sentiment stabilizes into the rest of the year. The call comes as the broker said last week that bitcoin has likely found its bottom and is primed for further gains, and reiterated its $150,000 year-end price target.AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence toAs stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all. Tom Lee's Ethereum treasury bought more than 71,000 ETH over the past week, remaining the sole large corporate crypto buyer as Strategy broke its 13-week bitcoin purchase streak.BitMine Immersion Technologies bought 71,179 ether last week, making its largest weekly purchase of 2026. The company has accelerated its ether accumulation for four consecutive weeks even as crypto prices slump, while most other large digital asset treasuries have paused or reduced their holdings.Bitcoin rises as Trump says U.S. in talks with 'new regime' in Iran, threatens oil infrastructure if deal fails
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