Bernstein maintained its “Outperform” rating on Coinbase, Robinhood and Circle in a report published ahead of their quarterly results. However, it cut its earnings forecast and price target for Coinbase while raising its revenue estimates for Robinhood and earnings estimates for Circle. The brokerage said prediction markets, derivatives and tokenization are increasingly taking over from slower spot trading. Robinhood’s integration with Kalshi has pushed its prediction-market revenue above certain areas of its crypto trading business, while growth in USDC supply supports Circle’s improved outlook.
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