COIN

Robinhood

USDC

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 <a href="https://finance.yahoo.com/quote/COIN/" rel="noopener noreferrer nofollow">2.5%</a>, HOOD gained roughly <a href="https://finance.yahoo.com/quote/HOOD/" rel="noopener noreferrer nofollow">2%</a> and FIGR inched up around <a href="https://finance.yahoo.com/quote/FIGR/" rel="noopener noreferrer nofollow">1.7%</a> before the open, showing a modest rebound in digital assets.
<figure><img alt="Coinbase, Circle, United States, Stocks, Stablecoin, Robinhood, RWA Tokenization, Prediction Markets" src="https://s3.cointelegraph.com/uploads/2026-03/019d3e82-d5fa-7638-b5ca-e32f8e01a2f5.png">
 <figcaption>Coinbase stock premarket Monday. Source: <a href="https://finance.yahoo.com/quote/COIN/?" rel="noopener noreferrer nofollow">Yahoo! Finance</a>
 </figcaption>
</figure>
Bernstein said the opportunity is tied to a broader shift toward tokenized financial infrastructure, including <a href="https://cointelegraph.com/learn/articles/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work" rel="noopener noreferrer nofollow">stablecoins</a>, 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.
<h2 id="coinbase-robinhood-figure-key-equity-plays">Coinbase, Robinhood, Figure key equity plays</h2>
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.
<figure><img alt="Coinbase, Circle, United States, Stocks, Stablecoin, Robinhood, RWA Tokenization, Prediction Markets" src="https://s3.cointelegraph.com/uploads/2026-03/019d3e7f-01b8-725b-b278-9167d7588f66.png">
 <figcaption>Bernstein rates all three crypto equities as Outperform. Source: Bernstein letter
 </figcaption>
</figure>
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.
Related: <a href="https://cointelegraph.com/features/circle-stock-crcl-25percent-rebound-clarity-act-fears" rel="noopener noreferrer nofollow">Circle stock CRCL hints at 25% rebound as market shuns CLARITY Act fears</a>
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 (<a rel="noopener noreferrer nofollow">USDC</a>), may contribute about 19% of total revenue next year, despite recent market swings.
The view builds on Bernstein’s call last week after a <a href="https://cointelegraph.com/news/clarity-act-stablecoin-rules-circle-usdc-bernstein-analysis" rel="noopener noreferrer nofollow">sharp sell-off in Circle’s (CRCL) shares on Tuesday</a>,&nbsp;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.
Magazine: <a href="https://magazine.cointelegraph.com/bitcoin-bull-catalyst-michael-saylor-strategy-liquidation-makim-balashevich/" rel="noopener noreferrer nofollow">Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder</a>

Bernstein sees potential bottom for crypto stocks ahead of Q1 earnings

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