Bernstein: Crypto stocks near Q1 earnings floor because of stablecoin push

Bernstein dey talk say di about 60% drop for crypto stocks from di October 2025 highs fit dey near one sentiment-driven bottom before Q1 earnings. Di firm talk say weak crypto sentiment and geopolitics don squeeze valuation multiples, so short-term results go soft, but di current levels fit be good entry point. Dem still keep "Outperform" for Coinbase, Robinhood and Figure, but Bernstein cut price targets because dem expect short-term pressure and risk say Q1 earnings fit weak. Coinbase (COIN) cut to $330 from $440, Robinhood (HOOD) to $130 from $160, and Figure (FIGR) to $67 from $72. Bernstein thesis still focus on stablecoins, tokenization and on-chain derivatives/prediction markets. For Coinbase, stablecoin-related income (including USDC-linked fees) dem call durable. For Robinhood, growth dey tied to prediction markets plus new revenue streams (margin lending, subscriptions, deposits). For Figure, tokenization na di clearest play, with consumer-loan marketplace volumes projected to rise. Traders suppose note say di bigger backdrop still heavy: bitcoin don fall about 40%–50% from near $126,000 highs, and total digital-asset market value don drop by around $2 trillion. Net: crypto stocks fit dey near valuation floor, but earnings uncertainty into Q1 fit make volatility stay high.