SKN | Goldman Sachs Sees Opportunity in Select Crypto Stocks After 46% Drop

Key Points

• Goldman Sachs sees selective opportunities after a sharp crypto sector decline.
• Buy ratings maintained on Robinhood, Figure Technologies, and Coinbase.
• Valuations are near historical lows, but trading volume risks remain.

Goldman Sachs believes the recent 46% decline in crypto-linked equities has created attractive entry points in select names.

The drawdown is broadly in line with previous crypto cycles, suggesting the sector may be approaching a stabilization phase after a period of heavy selling.

Recent price action indicates volatility is easing, though not fully resolved.

Key Picks Across the Crypto Ecosystem

The bank maintained Buy ratings on Robinhood Markets, Figure Technologies, and Coinbase.

Each company represents a different angle within the crypto ecosystem, from retail trading platforms to blockchain-based lending and exchange infrastructure.

Price targets were adjusted, with reductions for Robinhood and Coinbase reflecting near-term caution, while Figure Technologies saw a higher target, implying stronger relative upside.

Valuations Near Cycle Lows

Goldman Sachs highlighted that current valuations are approaching historical trough levels seen in prior downturns.

This suggests that much of the downside may already be priced in, particularly as forced selling pressure begins to subside.

However, recovery is not expected to be immediate or linear.

Volume Risk Still a Key Concern

One of the main risks identified is declining trading volume, which directly impacts revenue for crypto-linked platforms.

Goldman estimates that further weakness in volumes could reduce 2026 revenue and profits modestly, reflecting the sector’s sensitivity to market activity.

Historically, low-volume periods can persist for several months before a sustained rebound takes hold.

Market Interpretation

The current environment is being framed as a transition phase, where valuations are becoming more attractive but uncertainty remains elevated.

Investors may see this as an early entry point, though short-term volatility is likely to continue.

Outlook

Goldman Sachs suggests that crypto-related equities are oversold but not without risk.

The sector may be nearing stabilization, but sustained recovery will depend on improved trading activity, clearer regulation, and broader market confidence in digital assets.

For confidential inquiries, partnership opportunities, or deeper insights into crypto equities, market cycles, and investment strategies, we invite you to connect directly with the SKN team for professional engagement.