ICYMI: Crypto equities may be nearing a bottom. Bernstein says names like @coinbase, @RobinhoodApp and @Figure are trading ~60% below 2025 highs. But they still offer exposure to trillion-dollar markets, the analysts said. The note highlights three different angles: • Coinbase: driven by stablecoins, derivatives and new trading products • Robinhood: benefiting from prediction markets and diversified revenue streams • Figure: a direct play on tokenization and blockchain-based lending Previously, Bernstein shared bullish coverage on all three company. They said: • COIN seen as “too cheap,” with stablecoins, derivatives and new products driving growth • HOOD gaining from prediction markets + non-crypto revenue mix • FIGR positioned as a pure-play on tokenization Analysts expect a bottom to form into weak Q1 earnings — not after. Full coverage below 👇