NEW YORK — Goldman Sachs has issued a bullish outlook on major crypto-linked equities, reiterating Buy ratings on both Coinbase Global (NASDAQ: COIN) and Robinhood Markets (NASDAQ: HOOD). The endorsement comes as Bitcoin surged 26% week-over-week, briefly clearing the $81,000 threshold and lifting the broader digital asset market capitalization to $2.8 trillion.
According to Goldman’s latest Americas Brokerage and Crypto Industry report, analyst James Yaro raised Coinbase’s price target from $173 to $196, while setting a target of $124 for Robinhood. Over the past week, Coinbase and Robinhood shares gained 21% and 12%, respectively.
Key Market Data & Price Targets
- Coinbase Global (COIN): Buy Rating | Target Raised to $196 (from $173)
- Robinhood Markets (HOOD): Buy Rating | Target Set at $124
- Bitcoin (BTC): Rose 26% over 7 days, hitting an intraday peak of $81,255
- Market Capitalization: Total crypto asset valuation rebounded 21% to $2.8T
- Trading Volume: 24-hour exchange volume rebounded ~75% following sharp declines in July (-30%) and August (-21%)
Revenue Diversification Beyond Spot Trading
While spot market volume had contracted by roughly 75% from recent cycle peaks, Goldman analysts highlighted that both brokerages have aggressively diversified their top-line revenue models away from pure spot trading fees:
┌──► Prediction Markets (Event Contracts)
├──► Perpetual Futures & Derivatives
Brokerages ┼──► Tokenized Securities & RWAs (Robinhood Chain Layer-2)
└──► Yield & Options-Based Products
- Prediction Markets: Coinbase’s event contracts generated an annualized run-rate of $100 million within two months of launch. Bernstein estimates Robinhood’s prediction market revenue will scale from $150 million in 2025 to $586 million in 2026.
- Tokenized Equities: Robinhood’s launch of “Robinhood Chain,” an Ethereum Layer-2 network, enables 24/7 trading of tokenized assets and stocks outside traditional market sessions.
Institutional Disclosures: XRP ETFs & Asset Management Deals
Goldman Sachs’ Form 13F filing revealed that the investment bank restored its exposure to spot XRP exchange-traded funds during Q2, reporting $86.5 million allocated across five funds managed by Franklin Templeton, Bitwise, Canary Capital, 21Shares, and Grayscale.
In addition, Goldman agreed to acquire Neos Investments for up to $2.25 billion (expected close in Q1 2027), adding over $30 billion in assets under management across options-based income funds, including strategies generating yield on spot Bitcoin and Ethereum holdings.
Regulatory Catalysts & Macro Outlook
The digital asset sector’s recovery is being reinforced by macro liquidity and legislative tailwinds:
- SEC Regulation Crypto Assets: The SEC proposed an offering framework providing capital-raising exemptions of up to $75 million annually alongside conditional safe harbors for decentralized networks.
- Treasury Liquidity: The U.S. Treasury doubled its long-dated bond buyback program to $4 billion per operation, compressing yields and boosting risk assets.
- CLARITY Act Senate Vote: The Digital Asset Market Clarity Act faces a procedural Senate vote on September 15, supported by Goldman CEO David Solomon to clarify jurisdiction between the SEC and CFTC.
Traders are monitoring the upcoming U.S. Personal Consumption Expenditures (PCE) price index report for interest-rate path confirmation, which will likely determine the short-term trajectory for Bitcoin and associated equity proxies.