Goldman Sachs analyst James Yaro told clients that stocks linked to crypto appear to be attractive after falling 46% from the peak in October 2025.
In the analysis, they maintain a buy recommendation on three companies. Robinhood Markets (HOOD), Figure Technologies (FIGR), and Coinbase Global (COIN) all have opportunities to increase in value.
Valuations are near historically low levels
Yaro mentioned that the decline now roughly corresponds to the average of declines during previous crypto periods. Prices have been volatile but show signs of stabilizing in recent weeks, suggesting that forced sales may decrease.
“In summary, we see an increasingly attractive time to buy shares in digital assets, but we are careful with our choices,” reported a TradFi media and quoted Yaro.
For these three choices, Goldman lowered its HOOD price target to $91 from $102 and reduced its COIN price target to $235 from $270.
However, they raised FIGR's target to $42 from $39, which implies an increase of about 35%. HOOD closed at $66.02 and COIN at $161.14 on March 28, both significantly down compared to the beginning of the year.
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Robinhood has recently approved share buybacks for $1.5 billion, which shows management's confidence in current levels.
Figure Technologies is a blockchain technology lender that has issued over $16 billion in home equity loans and continues to grow its capital market.
Volume risk remains
Goldman warns that trading volumes may still decline before they recover. Yaro estimates that a new downturn would reduce revenues in 2026 by 2% and profits by 4% for these companies. Previously, the lowest trading volumes lasted about three months before a clear recovery began.
The analysis states that the sector is now oversold but not risk-free. Investors find themselves in a position where prices seem stable, but volumes and fluctuations can still lead to sharp movements before a more sustained recovery takes off.