Bernstein says the 60% crash in crypto stocks is a rare chance to buy the dip at a ‘big’ discount
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.
What to know:
— 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.
— The broker highlighted strong multi-year growth tied to stablecoins, tokenization and derivatives.
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 (COIN), Robinhood (HOOD) and Figure (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 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.