Bernstein lowered the COIN 2026 revenue forecast by 32%

According to Chao Xiang Research, Bernstein's report on October 26, 2026, lowered COIN's revenue forecast for 2026 by 32%. HOOD's third-quarter revenue is expected to be $1.5 billion, a quarter-over-quarter increase of 13%; CRCL's third-quarter revenue is expected to be $770 million, a quarter-over-quarter increase of 10%; FIGR's third-quarter loan volume reached $5.1 billion, a quarter-over-quarter increase of 20%.

Bernstein pointed out that the native cryptocurrency spot trading volume is weak, and the valuations of the four digital asset platforms have shifted towards new products such as prediction markets, perpetual futures, tokenization, and lending platforms. All four maintain an outperform rating, with target prices of $160 for HOOD, $250 for COIN, $145 for CRCL, and $70 for FIGR. The report also predicts that the revenue share of new products for HOOD will increase from 3% in 2025 to 25% in 2028, while COIN will rise from 2% to 19%, and the speed of new product realization will determine valuation differentiation.