Bernstein Sees 'Big Businesses at Big Discounts' in Crypto Market

Wall Street broker Bernstein has released a report highlighting the potential opportunities in the crypto market. According to the analysts, crypto-linked equities are nearing a bottom, creating 'big businesses at big discounts' due to a 60% drawdown from 2025 highs.

The broker expects near-term weakness to persist through Q1 results but views current levels as an entry point for companies with exposure to large and growing markets. This includes stablecoins, tokenization, prediction markets, and derivatives.

Bernstein has revised its price targets while maintaining an upbeat longer-term outlook. The broker maintained outperform ratings on Coinbase (COIN), Robinhood (HOOD), and Figure (FIGR) but lowered their price targets to $330, $130, and $67 respectively.