Analysts at Bernstein said on Monday that crypto-related stocks appear to be trading near a trough, attributing current price weakness to a combination of geopolitical uncertainty and a short-term lull in crypto sentiment.
The firm noted that the market is applying unusually large discounts to crypto equities - roughly 60% below their 2025 peaks, according to Bernstein's analysis - even as the sector retains exposure to what the analysts describe as sizable, multi-year opportunity areas.
Sector opportunities and the near-term outlook
Bernstein analyst Gautam Chhugani emphasized that crypto businesses still connect to "trillion dollar markets with years of growth ahead," singling out prediction markets, stablecoins, tokenized real-world assets and crypto derivatives as areas that underpin long-term potential. In the near term, Chhugani wrote that he expects a bottom in crypto equities to materialize into weak Q1 earnings.
Valuations and company-level views
The note lays out specific valuation snapshots for key names. Bernstein reports that Coinbase is trading at 12 times estimated 2027 earnings, Robinhood at 18 times, and Figure at 25 times estimated 2027 EBITDA. The firm assigns Outperform ratings to all three names.
Bernstein highlights differences in business sensitivity to crypto trading cycles. The report states that crypto accounts for only about 20% of Robinhood's revenues, a factor the analysts see as lending resilience to its model. Figure is characterized by the firm as "a pure blockchain tokenization business," and Bernstein forecasts that Figure will reach $12.8 billion in loan volumes in 2026, noting monthly originations already above $1 billion in March.
For Robinhood, Bernstein models approximately 30% revenue growth between 2025 and 2027. The firm attributes that expansion to increased activity in prediction markets, a projected rebound in crypto volumes in the second half of 2026, and steady gains in non-trading revenue streams.
On Coinbase, Bernstein expects 23% EPS growth in 2026 driven by stablecoins, derivatives and prediction markets as the primary contributors to earnings momentum.
Conclusion
Overall, Bernstein maintains that the broader crypto-equities complex is nearing a cyclical floor and that select names offer discounted entry points, while acknowledging a weak near-term earnings environment.