Coinbase, Robinhood and Circle will come out on top as crypto heads into an unusually long bull run.
That’s according to wealth management firm Bernstein, whose analysts estimate that not only will Bitcoin hit $200,000 over the next 12 months, but that this crypto rally will outlast usual four-year cycles.
“We believe we are in the middle of a digital assets revolution,” Gautam Chhugani and three other Bernstein analysts wrote in a Tuesday note to investors.
The key driver behind the rally? The Trump administration’s goal to transform “the US into the crypto capital of the world.”
Under President Donald Trump, the US government has rubberstamped new stablecoin rules into law with more crypto bills waiting in the wings, appointed industry-allies into key government positions, seen regulators halt actions against crypto companies, and paved the path towards integrating blockchain projects with traditional finance.
The Federal Reserve is also widely expected to cut interest rates in September, which is seen as a boon to crypto markets as lower rates tend to intensify investor appetite for risk-on assets like cryptocurrencies.
Bernstein’s optimism also comes as Bitcoin surged to a new record trading at over $124,000 on last week. Altcoins like XRP and BNB also notched new records recently while Ethereum has edged towards all-time highs.
Bernstein gave Robinhood stock the sharpest upgrade with its price target raised to $160. That would put it make worth almost 40% more than today.
The trading platform’s “diversified services model offers crypto upside without the volatility,” the analysts said.
Robinhood is among a wave of fintech companies that have muscled into crypto services over the past few years.
It has ramped up those efforts in 2025. For instance, in June its CEO Vlad Tenev unveiled a rollout of its crypto services across the European Union, tokenised stocks, and launched crypto staking services in the US.
Apart from benefitting from the market upswing, Bernstein said Robinhood will also grow thanks to it broadening its services to include banking and wealth management.
Leading public crypto exchange Coinbase will also benefit from the rally driving up trading volumes in the second half of 2025, Bernstein said.
It gave Coinbase a price target of $510, an almost 60% increase from its current price.
Coinbase revenues will climb from $6.6 billion in 2024 to $14.1 billion in 2027, driven by trading volume, derivative market growth and US market dominance, according to Bernstein estimates.
Coinbase will also benefit from its partnerships with the likes of JPMorgan, eToro, and Revolut, the analysts said.
