Crypto-linked stocks like Coinbase, Robinhood, and Figure could be approaching a bottom after a sharp selloff, according to a new note from Bernstein. The firm believes the recent correction has created a more attractive entry point for investors interested in the future of tokenized finance and blockchain-based financial systems.
Despite shares of these companies dropping between 57% and 62% from their 2025 highs, Bernstein maintains an optimistic long-term outlook. The firm continues to rate all three stocks as “Outperform,” even after trimming their price targets to reflect near-term pressures and expectations of weaker first-quarter earnings.
Why Bernstein Still Sees Growth in Coinbase, Robinhood, and Figure
Bernstein analysts project strong double-digit growth in both revenue and earnings for these companies through 2027. While short-term volatility remains a concern, the broader shift toward onchain finance is expected to drive long-term value.
For Coinbase, the focus is gradually shifting away from traditional spot trading toward more sustainable revenue streams such as derivatives and stablecoin-related income. The company’s partnership with Circle and its involvement with the USDC stablecoin are expected to play a key role, with stablecoin fees potentially contributing a significant share of revenue in the coming years.
Robinhood’s growth is being fueled by new business lines, including prediction markets, margin lending, subscriptions, and customer deposits. Bernstein estimates that prediction markets alone could evolve into a $240 billion industry, becoming a meaningful contributor to Robinhood’s overall revenue mix.
Meanwhile, Figure is seen as a major player in the tokenization space. The company is expanding its consumer lending marketplace beyond home equity lines into areas like small business and auto loans. Bernstein forecasts substantial growth in loan volumes over the next few years, positioning Figure as a key beneficiary of the tokenized credit trend.
Tokenization and Stablecoins Driving Long-Term Opportunity
At the core of Bernstein’s bullish stance is the belief that tokenized financial infrastructure will reshape the industry. This includes the rise of stablecoins, tokenized credit products, and blockchain-based prediction markets.
Even as regulatory scrutiny increases, Bernstein argues that stablecoins remain a durable and growing revenue stream. Companies like Circle are expected to continue benefiting from reserve yields, while platforms like Coinbase help distribute these products to users.
