The crypto exchange received two buys, one market-perform, and one neutral rating from Wall Street analysts.
Bernstein reiterated its outperform rating on Robinhood and lifted its price target on the stock to $160 from $105.
Bernstein raised its price targets for Coinbase, Robinhood and Circle, saying policy tailwinds and surging volumes could push the bull market into 2027.
The broker has an outperform rating on Coinbase shares with a $510 price target.
Coinbase and JPMorgan have forged a strategic partnership, signaling institutional embrace of crypto infrastructure, the Wall Street broker said.
A $1 billion ether treasury could generate as much a $50 million in annual yield, the report said.
The crypto exchange is becoming one of USDC's most active advocates across payments and financial services, Bernstein said.
The Wall Street bank started coverage of the stablecoin issuer with an underweight rating and a $80 price target.
The leading U.S. digital asset exchange is cementing its role as crypto’s universal bank, the Wall Street bank's analyst team said.
Ether ETF inflows totaled $815 million over the last 20 days as investors have woken up to the network's value proposition, the broker said.
The exchange is the first and only crypto company to join the S&P 500 index.
A growing number of public firms may begin purchasing Bitcoin in substantial quantities in the next five years, with more than $300 billion potentially entering the cryptocurrency by 2030. Related Reading: TRUMP Token Bloodbath: Whales Lose Big In $8.58 Million Sell-Off That’s what researchers at Bernstein, an asset manager that monitors corporate appetite for Bitcoin, say in a new report. Their estimates hinge on the assumption that additional firms will follow in the footsteps of Strategy’s tactics of retaining Bitcoin as a central component of their balance sheets. Strategy Sets The Tone MicroStrategy, now doing business under the name Strategy, has already made waves with its aggressive Bitcoin buys. The firm now sits with 555,450 BTC. That inventory has cost them approximately $38 billion, with an average of $68,550 per coin. Recently, they purchased another 1,895 BTC for $180 million. Bernstein projects that corporate treasury investments in #Bitcoin could reach $330 billion by 2029, with Strategy (formerly MicroStrategy) potentially contributing $124 billion of that total. This forecast underscores the growing institutional interest in Bitcoin as a treasury… — Naeem Aslam (@NaeemAslam23) May 5, 2025 Bernstein believes that this strategy gains traction. Its report states companies with sluggish growth and plenty of excess cash could be attracted to Bitcoin as an alternative destination to invest their cash. Between 2025 and 2030, listed firms alone could steer some $205 billion toward Bitcoin. Adding to that is another $124 billion which could be made by companies following Strategy’s systematic blueprint to investment in the top crypto. Treasuries Could Fuel Demand In Bernstein’s words, some movement, no matter how little, would lead to a great impact. This gigantic flow would amount to $190 billion if just 20% of related firms were to transfer 25% of their treasury balance into an investment in Bitcoin. These firms have very low growth and few compelling investment opportunities. That could make Bitcoin simply look good for capital investment for them. Currently, public companies already possess approximately 720,898 BTC, which is valued at almost $68 billion. That’s a significant increase from the 1.3% of the total supply of Bitcoin that they had in late 2023. Today, it’s 3.4%. Private companies are not far behind, possessing approximately 398,323 BTC, valued at a little over $37 billion. Related Reading: BNB Bulls Target $644 As Classic Chart Formation Emerges Increasing Interest And Limited Supply The surge in corporate Bitcoin ownership is occurring alongside evolving regulation and accounting practices. These changes might be facilitating more ease of access for companies to look into Bitcoin with less bureaucratic red tape. Additionally, with fewer coins on the market and easier access to capital, businesses might become the force behind increased demand—and possibly even prices. Bernstein cites Strategy’s work in this revolution. The company has developed systems and tools that enable it to continue purchasing Bitcoin, even through challenging market periods. Not every company can follow suit, but the framework exists for others to attempt it. Featured image from Gemini Imagen, chart from TradingView
Strategy alone is expected to buy another $124 billion of bitcoin over the next five years, in the broker's bull case.
Previous crises saw the world's largest cryptocurrency tumble 50-70%, the report said.
The broker initiated coverage of Coinbase shares with $310 price target and outperform rating.
These companies grew their share of the Bitcoin network to about 29% in January from around 20% a year ago, the report said.
The Federal Reserve could issue debt or sell some of its gold reserves to fund purchases of BTC, the report said.
Robinhoood shares jumped 13% in early trading Thursday after fourth-quarter earnings beat estimates.
The token introduction is a big positive for crypto builders in the U.S. following the Biden administration's crackdown on digital assets, the report said.
Bitcoin (BTC) shattered the $100,000 price milestone yesterday, reaching as high as $104,088 on Binance crypto exchange. This historic price action has prompted analysts at the trading firm Bernstein to assert that Bitcoin is well-positioned to replace gold within the next decade. Bitcoin Poised To Outshine Gold Over Next Decade, Bernstein Says In a client note released earlier today, Bernstein analysts, led by Gautam Chhugani, expressed confidence that Bitcoin will eventually assume gold’s role as a reliable safe-haven asset. The note stated: We expect Bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing Gold over the next decade, and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management. On a year-to-date (YTD) basis, Bitcoin is up an impressive 141%. However, the lion’s share of these gains came following the victory of pro-crypto Republican candidate Donald Trump in the November US presidential election. Related Reading: Bitcoin Price Hits Historic $104,000: Key Factors Fueling The Surge The cryptocurrency market has seen a surge in optimism following Trump’s victory, as the president-elect is expected to create a favorable regulatory environment for digital assets. Since November 4, the total crypto market cap has climbed from $2.4 trillion to $3.9 trillion at the time of writing – a staggering 62.5% increase. In the note, Bernstein predicts that BTC may rise to $200,000 by late 2025. The trading firm’s forecast aligns with Charles Edwards’ – founder of Capriole Investments – prediction that BTC can potentially double in value within weeks, as its relatively smaller market cap enables more rapid price movements. BTC Adoption Major Driver Behind Its Success Bernstein’s bullish outlook was reinforced by Gil Luria, a D.A. Davidson analyst, who identified mainstream adoption as the key driver behind Bitcoin’s success. However, he cautioned that Bitcoin still has a “long path ahead” before it is widely accepted as a medium of exchange and unit of account. Luria added: Bitcoin’s main current application as a store of value — an appreciating, low-correlation asset that replaces gold as a hedge against a decline in economic stability. While Bitcoin is yet to achieve widespread use as a currency, it has gained significant traction as a reliable asset class for corporate balance sheets. Recently, Hut 8, a leading crypto-mining firm, announced plans to establish a strategic Bitcoin reserve. Related Reading: Bitcoin Miner MARA Buys Another 703 BTC, Increases Total Holdings To 34,794 BTC In November, video-sharing platform Rumble shared its plans to bolster their BTC holdings. At the same time, declining BTC reserves on crypto exchanges are likely adding to the asset’s supply scarcity, subsequently pushing its price upward. At press time, BTC trades at $103,172, up 7.9% in the past 24 hours. Featured image from Unsplash, Chart from Tradingview.com
Bernstein raised its MicroStrategy price target to $600 from $290.Broker Canaccord also increased its price target for the software company, to $510 from $300.The shares rose over 6% in early trading Monday.
The broker raised its price target on the trading platform's stock to $51 from $30.
Bitcoin (BTC) has been on an all-time-high (ATH) run following the election victory of the Republican US presidential candidate Donald Trump. Add Crypto Exposure At The Earliest, Bernstein Tells Clients Despite Bitcoin’s strong gains after the election, analysts at trading firm Bernstein remain confident that the broader crypto market still has substantial room for growth. […]
Less than a day before the polls closed in the United States, crypto analysts continued to offer their two cents on the future of Bitcoin and cryptocurrencies. For example, many Wall Street analysts say wild BTC market prices will continue after the elections. Other analysts and observers have shared their price predictions based on who will win this Tuesday. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 Gautam Chhugani of the Berstein Group projects that Bitcoin can increase to $80,000 or even $90,000 if the Republican Donald Trump wins the election. If Kamala Harris wins the polls, Chhugani expects the BTC price to dip to $50,000. But Bernstein didn’t stop making Bitcoin predictions immediately after the election; the group remains bullish on Bitcoin in the short term and expects the digital asset to hit $200,000 by 2025. According to Bernstein analysts, the other key factors driving Bitcoin’s price are the increasing demand for spot BTC ETFs and rising US debts. Bernstein Adjusts BTC Price Predictions: $50K Under Harris, $80-90K With Trump Bernstein analysts have adjusted their Bitcoin price estimates based on the potential outcomes of the upcoming U.S. election. If Harris wins, they foresee Bitcoin dropping to around $50,000, while a… pic.twitter.com/Z1zJ21aJ48 — The Wolf Of All Streets (@scottmelker) November 4, 2024 Bernstein’s Bullish Outlook For Bitcoin Next Year Analysts at Bernstein are betting on Bitcoin and expect its price to reach $200,000 by the end of next year, regardless of the election results. Gautam Chhugani made this bold prediction days before the Americans visited the polls and added that the results would not impact the long-term outlook for the asset. The analyst’s bullish project on Bitcoin is anchored on several factors. He even likened the asset to a “genie out of the bottle” and said stopping its price trajectory is difficult. Chhugani identified a few factors that can drive the asset’s price, including increased interest on the BTC ETFs and higher government’s national debt. Last month, Bernstein’s top analyst targeted $100k for Bitcoin but soon revised his projection to reflect changes in market trends. BTC’s Erratic Price Action Ahead Of Elections This year’s election battle between Trump and Harris is among the most highly debated and anticipated. In addition to traditional polling, data from betting markets like Polymarket became famous, too. For example, at Polymarket, Trump remains the favorite, cornering 63% of all wagers, with Harris getting 38%. Bernstein analysts say that regardless of the results, the asset will have short-term price movements. However, they expect BTC to benefit more from a Trump win. In the same Bernstein analysis, Bitcoin may increase to $90,000 if the Republican wins. Currently, Bitcoin’s price has dropped to $69k to $68k due to profit-taking. Also, analysts noted the weak inflows this week to ETFs. Most analysts agree that Bitcoin is still poised for an end-of-the-year rally. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival US Election Results Can Impact Other Digital Assets The US elections affect other digital assets besides Bitcoin. For example, in a Harris presidency, Ether may gain due to heightened regulations that can limit the performance of its competition, like Solana. However, Chhuhani offers a differing view, saying if the SEC adopts moderate policies, these can propel Bitcoin and other assets. This year’s election cycle puts crypto and the blockchain at the center of debates. Both candidates have shared their thoughts on crypto, with Trump offering more crypto-friendly solutions. Initially, Democrat Harris was reluctant to offer policy proposals, but she shifted her tone as the campaign moved forward. Featured image from Invezz, chart from TradingView
The ability to raise debt or equity in the world's deepest capital markets is a major advantage, the report said.
The broker initiated coverage on miners Iren Energy and Corz Scientific with outperform ratings.
Spot bitcoin ETFs are expected to be approved by major wirehouses and large private bank platforms in the third and fourth quarters, the report said.
The latest price moves in bitcoin (BTC) and crypto markets in context for June 14, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.