Bernstein Cuts Coinbase's 2026 Revenue Forecast 32% Amid Weak Spot Volume

Bernstein cut its 2026 revenue forecast for Coinbase (COIN) by 32% in an Oct. 26 report, citing weak native crypto spot-trading volume and a shift in valuation focus toward new products.

The firm estimated third-quarter revenue of $1.5 billion for HOOD, up 13% from the prior quarter, and $770 million for CRCL, up 10%. It put FIGR's third-quarter loan volume at $5.1 billion, a 20% sequential increase.

Bernstein said valuation focus across the four platforms was shifting toward new products, including prediction markets, perpetual futures, tokenization and lending platforms.

The firm projected new-product revenue would grow from 3% of HOOD's total revenue in 2025 to 25% in 2028. For COIN, it forecast an increase from 2% to 19% over the same period.

Bernstein maintained outperform ratings and price targets of $160 for HOOD, $250 for COIN, $145 for CRCL and $70 for FIGR. The earlier $250 Coinbase price target followed a cut from $330.