.png){kind=logo}
Goldman Sachs analyst James Yaro told clients that crypto-linked stocks now look selectively attractive after falling 46% from their October 2025 peak. He kept Buy ratings on Robinhood Markets, Figure Technologies, and Coinbase Global. Yaro said the drop now roughly matches the average peak-to-trough decline seen in earlier crypto cycles.
At the same time, he said recent trading has remained volatile but has started to stabilize. That pattern suggests forced selling may be easing across the sector. A TradFi media report cited Yaro as saying the group now offers a more attractive entry point, though only on a selective basis.
Even so, Goldman did not present the sector as risk-free. The note said prices may have found some footing, but sharp swings could continue before any broader recovery takes hold.
Goldman lowered its price target on Robinhood to $91 from $102. It also cut Coinbase to $235 from $270. In contrast, the bank raised its target on Figure Technologies to $42 from $39, implying about 35% upside.
Robinhood closed at $66.02 on March 28, while Coinbase ended the session at $161.14. Both stocks remained sharply lower for the year. The revised targets show that Goldman still sees upside, even after trimming expectations for two of the names.
Robinhood also recently approved a $1.5 billion share buyback. That move signaled confidence from management at current levels. Meanwhile, Figure continued to expand its blockchain-based lending business and capital marketplace.
Figure Technologies has originated more than $16 billion in on-chain home equity loans. The company remains focused on growing its blockchain-native lending model and widening its reach in capital markets.
Coinbase remains one of the clearest public-market proxies for crypto trading activity. Its revenue still moves closely with market volumes and investor demand. Goldman said the company could benefit if participation returns as crypto prices recover.
Robinhood offers broader exposure because it combines crypto with stock and options trading. Goldman said that the mix gives it a wider revenue base than a pure-play exchange. As a result, Robinhood may benefit if retail activity improves.
Read More: Goldman Sachs Warns $80B in CTA Selling Could Extend Stock Slide and Pressure Bitcoin
Goldman warned that trading volumes could still weaken before rebounding. Yaro estimated that another slump would cut 2026 revenue by 2% and profits by 4% for the companies under coverage. He also said trough volumes in past cycles have usually lasted about three months before a meaningful recovery.
The bank’s broader view rests on changing market conditions. Liquidation-driven declines have started to ease, while liquidity conditions have improved. Those shifts suggest the worst phase of the downturn may be passing.
Still, the note stopped short of calling a full bottom. The sector remains oversold, but volatility and weak trading activity could still create sharp moves in either direction.
Goldman Sachs kept Buy ratings on Robinhood, Coinbase, and Figure after a 46% sector decline, saying valuations now look more attractive. The bank still warned that weak trading volumes and volatility could continue, so investors may watch for clearer signs of a sustained recovery.
