Investing.com -- Crypto-related equities may be nearing a trough, according to analysts at Bernstein in a note on Monday.

The firm argues that a mix of geopolitical uncertainty and “temporary crypto weak sentiment is offering big discounts (~60% below 2025 peak) on crypto stocks.”

Bernstein analyst Gautam Chhugani wrote that the sector still provides exposure to “trillion dollar markets with years of growth ahead,” including prediction markets, stablecoins, tokenized real-world assets and crypto derivatives.

“We believe we will see a bottom in crypto stocks into weak Q1 earnings,” wrote Chhugani, highlighting discounted valuations across major names.

The firm notes that Coinbase is trading at 12 times 2027 earnings, Robinhood at 18 times, and Figure at 25 times estimated 2027 EBITDA.

The analyst sees particular resilience in Robinhood and Figure, arguing that their businesses are less sensitive to crypto trading cycles.

“Crypto is mere ~20% of HOOD revenues,” the report states, while Figure is described as “a pure blockchain tokenization business.” Bernstein expects Figure to reach $12.8 billion in loan volumes in 2026, with monthly originations already above $1 billion in March.

On Robinhood, Bernstein forecasts revenue growth of roughly 30% from 2025 to 2027, supported by expanding prediction-market activity, a rebound in crypto volumes in the second half of 2026 and continued gains in non-trading revenues.

For Coinbase, the firm anticipates 23% EPS growth in 2026, driven by stablecoins, derivatives and prediction markets.

Bernstein rates all three stocks Outperform, maintaining that the broader crypto-equities complex is approaching a cyclical floor.