Bernstein: Crypto stocks are undervalued, may bottom out around Q1 earnings

Cryptocurrency-related stocks are excessively undervalued relative to their fundamentals and could form a bottom during the first-quarter earnings season, according to an analysis by Bernstein. The Block reported that in a recent note, Bernstein maintained its outperform ratings for Coinbase (COIN), Robinhood (HOOD), and Figure (FIGR), though it slightly lowered its price targets. The firm described these as long-term buying opportunities, explaining that Coinbase is defending against volatility with its stablecoin and service revenue, Robinhood is diversifying its income by entering prediction markets, and Figure is continuing its strong growth in the tokenized loan market.