Bernstein: Crypto stocks near Q1 earnings floor on stablecoin push

Bernstein says the roughly 60% drawdown in crypto stocks from October 2025 highs may be approaching a sentiment-driven bottom ahead of Q1 earnings. The firm notes weaker crypto sentiment and geopolitics have compressed valuation multiples, so near-term results look soft, but current levels could be an entry point. While keeping “Outperform” on Coinbase, Robinhood and Figure, Bernstein cut price targets due to expected near-term pressure and the risk of weak Q1 earnings. Coinbase (COIN) was cut to $330 from $440, Robinhood (HOOD) to $130 from $160, and Figure (FIGR) to $67 from $72. Bernstein’s thesis stays focused on stablecoins, tokenization and onchain derivatives/prediction markets. For Coinbase, stablecoin-related income (including USDC-linked fees) is highlighted as durable. For Robinhood, growth is tied to prediction markets plus newer revenue streams (margin lending, subscriptions, deposits). For Figure, tokenization is positioned as the clearest play, with consumer-loan marketplace volumes projected to rise. Traders should note the broader backdrop is still heavy: bitcoin is down about 40%–50% from near $126,000 highs, and total digital-asset market value has fallen by around $2 trillion. Net: crypto stocks may be nearing a valuation floor, but earnings uncertainty into Q1 can keep volatility elevated.