Wall Street brokerage Bernstein published a note Monday arguing that crypto-related stocks, down roughly 60% from their 2025 peaks, now present a “rare discounted buying opportunity” for long-term investors. The correction, driven by geopolitical tensions and weak market sentiment, has dragged valuations of major crypto firms to bargain levels.
Geopolitics and Sentiment Drive Crypto Stocks to a 'Deep Discount'
Led by analyst Gautam Chhugani, the Bernstein team said: “Geopolitical tensions combined with temporary crypto market softness are offering deep discounts on crypto equities.” Since peaking in October 2025, the crypto market has undergone a prolonged and severe correction. Bitcoin dropped roughly 40-50% from its all-time high near $126,000, while the total digital asset market lost about $2 trillion in value. Macro pressures, regulatory uncertainty, and deleveraging triggered the selloff.
The analysts believe these stocks are near a bottom. Despite expecting weak Q1 earnings reports, they see current prices as an ideal entry point for those with a longer horizon.
Target Cuts but Outperform Ratings Maintained
Bernstein revised its price targets for three key holdings: Coinbase (COIN) to $330 from $440, Robinhood (HOOD) to $130 from $160, and Figure (FIGR) to $67 from $72. At current levels, Coinbase trades around $165 – roughly half its new target. Robinhood is near $67 and Figure near $31. The firm kept “outperform” ratings on all three, citing their strong positions in stablecoins, tokenization (RWA), prediction markets, and derivatives. Bernstein argues that once Q1 earnings clarify fundamentals, sentiment will stabilize and reverse later this year.
Bitcoin Year-End 2026 Target Remains $150K
Bernstein also reiterated its bullish stance on bitcoin itself. The note says BTC has likely found its bottom and is poised for further gains. The firm reaffirmed its 2026 year-end target of $150,000, previously describing the current drawdown as the “weakest bear market ever” and predicting an elongated bull cycle driven by institutional adoption.