Shares of companies tied to the cryptocurrency sector could be nearing a cyclical low, according to analysts at Bernstein, who said the recent downturn has created attractive entry points for investors.
In a research note this week, the firm said geopolitical tensions combined with “temporary crypto weak sentiment is offering big discounts (~60% below 2025 peak) on crypto stocks.”
Bernstein analyst Gautam Chhugani wrote that the sector continues to provide exposure to “trillion dollar markets with years of growth ahead,” including prediction markets, stablecoins, tokenized real-world assets and crypto derivatives.
“We believe we will see a bottom in crypto stocks into weak Q1 earnings,” Chhugani wrote, pointing to what he described as deeply discounted valuations among leading companies in the space.
According to Bernstein, Coinbase (NASDAQ:COIN) is currently trading at around 12 times its projected 2027 earnings, while Robinhood (NASDAQ:HOOD) is valued at about 18 times earnings and Figure (NASDAQ:FIGR) at roughly 25 times estimated 2027 EBITDA.
The analyst also noted that Robinhood and Figure appear relatively insulated from swings in cryptocurrency trading activity.
“Crypto is mere ~20% of HOOD revenues,” the report said, while Figure is described as “a pure blockchain tokenization business.”
Bernstein expects Figure to generate around $12.8 billion in loan volumes in 2026, noting that monthly originations already surpassed $1 billion in March.
For Robinhood, the firm projects revenue growth of roughly 30% between 2025 and 2027. That expansion is expected to be supported by increasing activity in prediction markets, a recovery in crypto trading volumes during the second half of 2026 and continued growth in non-trading revenue streams.
Meanwhile, Bernstein forecasts that Coinbase could deliver earnings per share growth of about 23% in 2026, driven by expansion in stablecoins, derivatives trading and prediction markets.
Bernstein maintains an Outperform rating on all three companies, arguing that the broader group of crypto-related equities is moving closer to a cyclical bottom.