Bernstein: There is a significant discount in cryptocurrency stocks, and COIN is basically 'unsold' BlockBeats news, on March 30th, Bernstein stated that after a widespread decline, there is a "significant discount" in the trading prices of cryptocurrency related stocks, and the current valuation reflects weak short-term sentiment rather than long-term growth potential. This research and brokerage firm stated in a report to clients on Monday that stocks related to digital asset infrastructure, including trading platforms, brokers, and tokenization platforms, have fallen about 60% from their recent highs, despite their underlying businesses continuing to expand in markets such as stablecoins, derivatives, prediction markets, and tokenized real-world assets. Bernstein predicts that the current weakness will continue until the release of the first quarter financial report before stabilizing. In view of this, analysts believe that the first quarter earnings season may form a bottom. This viewpoint continues the institution's recent stance that the partial sell-off of cryptocurrency stocks, including concerns related to Circle and US regulation, may have deviated excessively from fundamentals. Bernstein maintains its "outperform" rating on Coinbase (stock code: CCOIN0%), but has lowered its target stock price from $440 to $330. Despite weak trading volume in the first quarter, analysts expect earnings growth to remain robust. They also predict that by 2027, their revenue will expand at a compound annual growth rate of approximately 26%. Bernstein believes that stablecoins will bear the majority of the growth burden, with Coinbase accounting for about half of Circle's USDC revenue, while derivatives and newer products are beginning to contribute more to the revenue portfolio. The report also emphasizes that subscription and service revenue (including stablecoin revenue) provide a buffer against fluctuations in cryptocurrency prices, despite the cyclical nature of spot trading volume. This statement echoes Bernstein's previous view that Coinbase's stock is "too cheap to sell," as the institution emphasized that an increase in trading volume and product expansion would bring significant upward potential.