The crypto rally may just be getting started.
“We believe we are in the middle of a digital assets revolution backed by regulatory reform,” Bernstein analyst Gautam Chhugani wrote in a new note. “The Trump administration is in mission-critical mode to build the US into the crypto capital of the world so [the] market peak is not anywhere near.”
Chhugani said he now expects the crypto cycle to run until at least 2027, powered by friendlier regulation, rising institutional demand, and broader adoption beyond bitcoin (BTC-USD). That spells good news for three stocks tied to the sector: Coinbase (COIN), Robinhood (HOOD), and Circle (CRCL).
Coinbase stands to gain the most as it’s the most direct play on the crypto cycle, per Bernstein. The exchange has expanded its offerings with perpetual futures and a new partnership with Deribit, a crypto options platform.
As digital assets broaden beyond bitcoin into ethereum (ETH-USD), solana (SOL-USD), and other tokens, Bernstein expects Coinbase to capture the lion’s share of trading activity. Its new $510 price target implies a nearly 40% upside. That growth is also expected to be fueled by Coinbase’s long-term push into on-chain finance.
Coinbase’s stock has jumped 25% this year, compared to S&P 500’s (^GSPC) 10% gain.
For Robinhood, Bernstein raised its price target to $160 from $105, citing what it called a “more predictable” model than other crypto-exposed firms. The company’s mix of equities, crypto, and financial services means it can capture crypto upside without being as vulnerable to volatility. The firm now projects Robinhood will grow earnings per share (EPS) at a 53% compound annual growth rate (CAGR) between 2024 and 2027. That momentum deserves a higher valuation multiple, Chhugani said.
Read more: Can you buy crypto with a credit card? See the pros and cons.
Circle, the company behind the USDC stablecoin, had its price target set at $230. While falling interest rates could dent its revenues, surging demand for USDC will offset those pressures, per Chhugani. Supply of the stablecoin has already climbed above expectations, and Bernstein forecasts it will more than double to $173 billion by 2027.
Both stocks have surged in 2025, with Circle advancing 70% and Robinhood rocketing up 192%.
Bernstein sees bitcoin reaching as high as $200,000 within the next year, with a backdrop of the Trump administration’s push, combined with more companies adding crypto to their balance sheets. Chhugani stressed that this cycle will be broader than previous rallies.