Bernstein: Crypto stocks have fallen about 60% from their 2025 highs, presenting a "buy at a significant discount" opportunity.

Bernstein released a report stating that crypto-related stocks are nearing their bottom after a correction of approximately 60% from their 2025 highs, with current valuations representing a "significant discount to large-cap stocks," presenting a buying opportunity. The report points out that the combination of geopolitical factors and short-term weakness in the crypto market has led to this significant discount in crypto stocks. Bernstein expects this short-term weakness to continue into the Q1 earnings season, but believes current prices present an entry point for growth sectors such as stablecoins, tokenization, prediction markets, and derivatives. Since peaking in October 2025, Bitcoin has fallen approximately 40% to 50% from its all-time high of around $126,000, resulting in a roughly $2 trillion loss in the overall digital asset market capitalization. Bernstein maintains its "Outperform" rating on Coinbase, Robinhood, and Figure, but lowered its price targets: Coinbase's target price was reduced from $440 to $330, Robinhood's from $160 to $130, and Figure's from $72 to $67. At the time of writing, Coinbase was priced at approximately $165.50, Robinhood at approximately $67.10, and Figure at approximately $31.14. Previously, Bernstein had stated that Bitcoin may have bottomed out and maintained his year-end price target of $150,000.