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 (COIN) to $330 from $440, on Robinhood (HOOD) to $130 from $160 and on Figure (FIGR) 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 2.5%, HOOD gained roughly 2% and FIGR inched up around 1.7% before the open, showing a modest rebound in digital assets.
Coinbase stock premarket Monday. Source: Yahoo! Finance
Bernstein said the opportunity is tied to a broader shift toward tokenized financial infrastructure, including stablecoins, 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.
Coinbase, Robinhood, Figure key equity plays
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.
Bernstein rates all three crypto equities as Outperform. Source: Bernstein letter
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.
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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 (USDC), may contribute about 19% of total revenue next year, despite recent market swings.
The view builds on Bernstein’s call last week after a sharp sell-off in Circle’s (CRCL) shares on Tuesday, 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.
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