Goldman Sachs said crypto-linked equities appear selectively attractive after falling 46% from their October 2025 peak, suggesting valuations may be nearing cycle lows.
The bank maintained Buy ratings on Robinhood, Coinbase and Figure Technologies, citing stabilising price action and historical patterns that indicate selling pressure may be easing.
“All in, we see an increasingly attractive entry point to our digital-asset sensitive coverage, albeit selectively, across the group,”
Said Goldman analyst, James Yaro.
Goldman lowered its price targets for Robinhood to $91 and Coinbase to $235, while raising Figure Technologies’ target to $42, implying around 35% upside.
Robinhood recently approved a $1.5 billion share buyback, while Figure continues expanding its blockchain-based lending platform, which has originated over $16 billion in on-chain home equity loans.
However, Goldman warned that trading volumes may decline further, potentially reducing 2026 revenue by 2% and profits by 4%, with recovery typically taking several months.
The outlook suggests crypto equities may be oversold but remain volatile, with investors facing short-term risks despite improving long-term positioning.