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.