Goldman Sachs Sees Buying Opportunity in Crypto Stocks After 46% Drop

Goldman Sachs analyst James Yaro is telling clients that crypto-linked stocks have become selectively attractive following a steep 46% decline from their October 2025 peak. In a recent research note, Yaro maintained Buy ratings on three digital asset-sensitive equities: Robinhood Markets (HOOD), Figure Technologies (FIGR), and Coinbase Global (COIN), arguing that current valuations are approaching historical trough levels seen in prior crypto market cycles.

Yaro pointed to stabilizing price behavior over recent weeks as a sign that forced selling pressure may be easing. The current drawdown closely mirrors average peak-to-trough declines from past cycles, which the analyst views as an increasingly compelling entry point for investors willing to take a selective approach to the sector.

Goldman Sachs revised its price targets alongside the ratings. The firm trimmed its HOOD target to $91 from $102 and lowered its COIN target to $235 from $270, reflecting near-term headwinds. However, it raised its FIGR target to $42 from $39, implying roughly 35% upside from current levels. As of March 28, HOOD closed at $66.02 and COIN at $161.14, both down sharply year to date.

Each stock carries its own investment case. Robinhood recently authorized a $1.5 billion share buyback, a move that signals management confidence at depressed valuations. Figure Technologies, a blockchain-native lender with over $16 billion in on-chain home equity loan originations, continues scaling its digital capital marketplace. Coinbase remains the most direct play on crypto trading volumes and broader institutional adoption.

Goldman did flag ongoing risks, cautioning that trading volumes could fall further before recovering. A deeper volume slump could shave 2% off 2026 revenues and 4% off profits for these companies. Historically, trough volumes persist for roughly three months before a meaningful rebound takes hold, leaving investors navigating a window where prices may have bottomed but volatility has not.