Bernstein Reduces COIN's 2026 Revenue Forecast by 32%

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COIN
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HOOD
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CRCL
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Bernstein reduced its 2026 revenue forecast for COIN by 32%, citing weak native crypto spot trading volumes. The firm noted a shift in valuation benchmarks within the digital asset market, with increased focus on products such as perpetual futures, prediction markets, tokenization, and lending. HOOD, CRCL, and FIGR also received Q3 2026 revenue updates, all maintaining outperform ratings and price targets of $160, $250, $145, and $70, respectively.

Huoxing Finance reports, according to Chaoxiang Research, Bernstein has lowered its 2026 revenue forecast for COIN by 32% in its report dated October 26, 2026. HOOD’s Q3 revenue is expected at $1.5 billion, up 13% quarter-over-quarter; CRCL’s Q3 revenue is projected at $770 million, up 10% quarter-over-quarter; FIGR’s Q3 loan volume reached $5.1 billion, up 20% quarter-over-quarter. Bernstein noted weak native crypto spot trading volumes, prompting the four digital asset platforms to shift their valuation anchors toward new products such as prediction markets, perpetual futures, tokenization, and lending platforms. All four remain rated “Outperform,” with target prices set at $160 for HOOD, $250 for COIN, $145 for CRCL, and $70 for FIGR. The report also forecasts that the revenue contribution from new products will rise from 3% in 2025 to 25% in 2028 for HOOD, and from 2% to 19% for COIN—speed of execution for these new products will determine valuation divergence.

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