Bernstein told clients on Monday that the steep decline in crypto-linked equities has created a more attractive entry point into tokenization and onchain-finance themes. The firm maintained Outperform ratings on Coinbase, Robinhood and Figure while reducing its price targets for all three companies. Analysts argued that the recent market reset had improved the risk-reward profile for investors seeking exposure to onchain financial infrastructure.
Shares of the three companies have fallen between 57% and 62% from their 2025 peaks, yet Bernstein continues to forecast double-digit growth in revenue and earnings through 2027. The firm lowered its price target on Coinbase to $330 from $440, on Robinhood to $130 from $160, and on Figure to $67 from $72. The cuts reflect near-term pressure and the prospect of weak first-quarter earnings results.
Crypto-linked stocks were edging higher in premarket trading on Monday, offering early signs of stabilization. Coinbase shares rose approximately 2.5%, Robinhood gained roughly 2%, and Figure climbed around 1.7% before the open. Bernstein characterized the modest rebound as consistent with a broader stabilization in digital assets following the recent selloff.
The firm’s bullish stance is tied to a broader structural shift toward tokenized financial infrastructure, including stablecoins, tokenized credit and onchain prediction markets. Bernstein expects these segments to gain meaningful traction over the coming years. The recent drawdown, in its view, has made entry into those themes more compelling for long-term investors.
Figure is presented as the most direct tokenization play among the three. Bernstein forecasts the company’s consumer-loan marketplace volumes will reach $12.8 billion this year and $16.5 billion by 2027. That growth is expected to come as Figure expands beyond home equity lines into adjacent lending categories such as small business and auto loans.
Robinhood’s outlook centers on newer revenue streams, particularly prediction markets, which Bernstein expects to evolve into a $240 billion industry. Event contracts are projected to contribute approximately 17% of the company’s trading revenue and around 10% of total revenue next year. Growth in margin lending, subscriptions and deposits is also expected to support earnings alongside any recovery in broader crypto activity.
For Coinbase, Bernstein anticipates the business mix will continue shifting away from spot trading toward derivatives and stablecoin-related income. Derivatives could account for up to 14% of trading revenue by 2027, while stablecoin fees — particularly those linked to Circle and its USDC product — may contribute about 19% of total revenue next year. The firm noted that stablecoin income can keep compounding even if regulators tighten how much yield is passed on to end users, since Circle captures the bulk of reserve yield while platforms like Coinbase handle distribution.
Originally reported by CoinTelegraph.
