Bernstein cut its 2026 revenue forecast for COIN by 32% in a report dated Oct. 26, 2026, according to a ChainCatcher brief citing Chaoxiang Research. The note also laid out third-quarter expectations for several digital asset platforms: HOOD is projected to post $1.5 billion in revenue, up 13% quarter over quarter; CRCL is expected to report $770 million in revenue, up 10% from the prior quarter; and FIGR is forecast to reach $5.1 billion in loan volume, a 20% sequential increase. Bernstein said spot trading volumes in native crypto remain weak, pushing valuation anchors for the four companies toward newer product lines including prediction markets, perpetual futures, tokenization and lending platforms. Despite the reset in assumptions, the firm maintained outperform ratings on all four names. Its price targets stand at $160 for HOOD, $250 for COIN, $145 for CRCL and $70 for FIGR. The report also said new-product revenue could rise sharply over the next few years, with HOOD’s share climbing from 3% in 2025 to 25% in 2028, while COIN’s could increase from 2% to 19%. Bernstein said the pace of monetization in these newer businesses will drive valuation divergence.
Bernstein cut its 2026 revenue forecast for COIN by 32% in a report dated Oct. 26, 2026, according to Chaoxiang Research as cited by ChainCatcher.
The report said HOOD is expected to generate $1.5 billion in third-quarter revenue, up 13% quarter over quarter. CRCL is projected to post $770 million in third-quarter revenue, up 10% from the previous quarter, while FIGR is expected to reach $5.1 billion in third-quarter loan volume, a 20% sequential increase.
Bernstein said spot trading volumes in native crypto remain weak. In that setting, valuation anchors for the four digital asset platforms are shifting toward newer products, including prediction markets, perpetual futures, tokenization and lending platforms.
The firm kept outperform ratings on all four companies. Its price targets are $160 for HOOD, $250 for COIN, $145 for CRCL and $70 for FIGR.
The note also projected a larger contribution from new products over time. HOOD’s new-product revenue share is expected to rise from 3% in 2025 to 25% in 2028, while COIN’s is forecast to increase from 2% to 19%. Bernstein said the speed at which these products monetize will determine valuation divergence.
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