Goldman Sachs Says Crypto Prices May Have Bottomed and These Stocks Have Attractive Setups

Why It Matters

The view signals a potential turning point for crypto‑sensitive equities, offering investors a rare valuation window while underscoring the sector’s evolving revenue streams.

Key Takeaways

• Crypto stocks down 46% since Oct 2025 peak
• Goldman rates Robinhood, Figure, Coinbase as buys
• Figure target $42, 35% upside from $31
• Robinhood adds advanced‑trader tools, banking services
• Coinbase eyes derivatives, stablecoins, wealth products

Pulse Analysis

Goldman Sachs’ latest note suggests the crypto market may have reached a trough, a sentiment echoed by several analysts who point to the historical peak‑to‑trough average as a bellwether. After months of volatile price action, the decline appears to have stabilized, giving crypto‑related stocks a more attractive risk‑adjusted profile. This backdrop is crucial for investors who have been wary of the sector’s steep drawdowns, as it frames the current pricing environment as a potential inflection point rather than a temporary lull.

Within this context, Goldman spotlighted three equities that stand out for their distinct growth catalysts. Figure Technologies, a blockchain‑enabled home‑equity line of credit provider, received a raised price target of $42, implying a 35% upside from its recent $31 close, driven by expanding loan origination volumes and a scalable technology platform. Robinhood, traditionally a discount broker, is pivoting toward sophisticated traders by rolling out advanced order types and branching into banking services, positioning itself to capture higher‑margin revenue streams. Meanwhile, Coinbase, despite a modest price‑target reduction, remains a focal point for crypto derivatives, stablecoin offerings, and a burgeoning wealth‑management suite, all of which could diversify its earnings beyond spot‑trading fees.

The broader implication for the market is a nuanced shift from pure price speculation to a more diversified revenue outlook for crypto‑adjacent firms. While Goldman cautions that trading volumes may dip an additional 2% in 2026, the median three‑month trough historically precedes a volume rebound, suggesting that earnings pressure could be short‑lived. Investors should weigh the upside potential against the lingering volatility in crypto markets, but the convergence of lower valuations and expanding product ecosystems makes the sector more compelling for strategic allocation.