Crypto-linked stocks are nearing a bottom heading into first-quarter earnings, according to Wall Street brokerage Bernstein, which said the sector’s roughly 60% pullback from 2025 highs has created “big companies at big discounts.”
“The combination of geopolitics and temporarily weak crypto sentiment offers big discounts to crypto stocks,” analysts led by Gautam Chhugani said in Monday’s report.
The broker expects near-term weakness to continue through Q1 results, but views current levels as an entry for companies with exposure to large and growing markets, including stablecoins, tokenization, prediction markets and derivatives.
Since the peak in October 2025, crypto markets have undergone a sharp and sustained correction, with bitcoin down about 40%-50% from record highs near $126,000 and the broader digital asset market cap falling by about $2 trillion.
The sell-off, driven by a mix of macro pressures, regulatory uncertainty and deleveraging, has erased much of the previous bullrun’s gains and weighed heavily on crypto-linked stocks, pushing sentiment into a more cautious phase heading into 2026.
Against this background, the analysts revised their price targets, while maintaining an optimistic long-term outlook. The broker continued to outperform ratings on Coinbase (COIN), Robinhood (HOOD) and Figur (FIGR).
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 the time of publication, 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 expect a turnaround 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 bottomed and is poised for further gains, and reiterated its $150,000 year-end price target.
Read more: Wall Street broker Bernstein calls bitcoin bottom, keeps $150,000 year-end target
