Bernstein sees a 2026 crypto “tokenization supercycle,” backing Bitcoin, MicroStrategy, IREN, Robinhood, Coinbase, Figure and Circle ahead of a 2027 cycle peak.
Summary
- Bernstein forecasts a 2026 “tokenization supercycle” with the next Bitcoin cycle peak in 2027, despite a soft 2025 finish.
- The firm highlights MicroStrategy, IREN, Robinhood, Coinbase, Figure and Circle as key beneficiaries of tokenization and rising stablecoin use.
- Robinhood’s AI tools, social features and banking products, plus Circle’s USDC and EURC, are cited as underpriced growth drivers in the crypto-fintech stack.
Investment firm Bernstein has identified several cryptocurrency-related stocks as potential opportunities in 2026, according to a recent analysis predicting Bitcoin could rally toward higher price levels.
Bernstein analyst Gautam Chhugani released his crypto outlook for 2026, forecasting Bitcoin could reach elevated targets despite what the firm characterized as a soft finish to 2025. The analyst projected the next cycle peak would occur in 2027.
Chhugani highlighted Robinhood, Coinbase, Figure, and Circle as companies positioned to benefit from tokenization trends. The firm also identified MicroStrategy’s premium as likely to return as Bitcoin rebounds and named IREN as its leading AI-focused selection.
Bernstein analysts suggest ‘tokenization supercycle’ imminent
Bernstein forecasts what it terms a “tokenization supercycle” in 2026. The firm expects stablecoin supply to increase, driven by growing cryptocurrency activity, cross-border payments, and adoption by major fintech companies including Block, Revolut, and PayPal.
Activity on Coinbase-owned derivatives exchange Deribit shows traders placing increasing bets on Bitcoin (BTC) reaching significant price milestones by the end of January, according to trading data. Prediction market Polymarket has assigned probability estimates for Bitcoin reaching higher targets by year-end.
MicroStrategy, which holds substantial Bitcoin reserves, currently trades below its historical premium levels, according to market data. Analysts maintain a buy consensus on the stock with price targets implying upside potential. The company recently raised its preferred dividend and continues adding to its Bitcoin holdings, according to company disclosures.
Circle Internet Group, a major issuer of USDC and EURC stablecoins, has declined over the past three months but remains slightly positive for the year, according to market data. The company’s shares trade below what analysts describe as narrative fair value.
Robinhood operates a U.S. trading platform offering stocks, exchange-traded funds, options, gold, and cryptocurrencies through its Robinhood Crypto platform. The company has launched several products including Cortex, an AI assistant providing custom indicators and market analysis, and Legend, which offers advanced features including futures trading and extended access to index options.
Robinhood Social provides verified trading profiles, strategy sharing, and portfolio tracking features, with copy trading functionality planned. The company has expanded into banking services, including mortgage offerings and a Gold credit card. The combination of AI-driven tools and advanced trading features has contributed to user engagement and retention, according to the company.
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