Bernstein: Slashes COIN Revenue Forecast by 32%, Four Digital Asset Platforms Bet on New Products

according to Chaowang Research, Bernstein noted in a research report dated October 26, 2026, that it lowered its 2026 revenue forecast for COIN by 32%; HOOD's Q3 revenue is expected to reach $1.5 billion, up 13% quarter-over-quarter; CRCL's Q3 revenue is projected at $770 million, up 10% sequentially; and FIGR's Q3 loan volume hit $5.1 billion, a 20% sequential increase.

Bernstein assessed that amid weak native crypto spot trading volume, the valuation anchors for the four platforms have shifted toward new products such as prediction markets, perpetual futures, tokenization, and lending platforms, all of which maintain an outperform rating. Price targets stand at $160 for HOOD, $250 for COIN, $145 for CRCL, and $70 for FIGR. The revenue share from new products for HOOD is expected to rise from 3% in 2025 to 25% by 2028, while for COIN it will climb from 2% to 19%, with the monetization pace of these new products determining valuation divergence.