Bernstein has named several crypto-related stocks it believes could perform well in 2026, suggesting that Bitcoin has likely reached its bottom.
The global equity research firm shared this view in a note published on Jan. 6, 2026, as the crypto market shows early signs of recovery after the steep losses recorded in late 2025.
Bernstein Believes Bitcoin Has Bottomed
Notably, while the broader crypto market and Bitcoin have started to rebound this year, prices have not fully recovered. Specifically, Bitcoin has risen about 7.6% so far in 2026, yet it still trades below $100,000. Currently at $94,122, Bitcoin remains more than 25% below its 2025 all-time high of $126,272.
Despite the current position, Bernstein, in its latest note, urged investors to buy crypto stocks during the 2026 pullback. Analyst Gautam Chhugani said the firm continues to feel confident about Bitcoin despite the negative sentiment that dominated the market in the fourth quarter of 2025.
Interestingly, the market commentator added that Bernstein believes, with reasonable confidence, that Bitcoin and the wider digital asset market have already formed a bottom.
Highlighting performance data, the firm stressed that Bitcoin ended 2025 down roughly 6%. In contrast, crypto-related equities delivered average gains of about 59%, even after cooling toward year-end. This shows the strength of crypto-focused companies compared with the underlying assets during periods of volatility.
Trends to Watch and Stocks to Buy
Meanwhile, Bernstein expects 2026 to center on what it calls a tokenization supercycle. The firm believes blockchain-based finance will expand across stablecoins, tokenized capital markets, and prediction markets.
It expects the total value locked in tokenized assets to rise from about $37 billion in 2025 to nearly $80 billion in 2026. Bernstein also sees equity tokenization taking up a larger share of on-chain activity as traditional financial assets move onto blockchains.
The research firm also spotlighted stablecoins. Chhugani projects total stablecoin supply will grow 56% year over year to roughly $420 billion. He expects demand to come from renewed activity in crypto markets, increased use in cross-border business-to-business payments, and the adoption of automated, agent-based payment systems.
Speaking further, Bernstein highlighted a strong growth potential in prediction markets. The firm believes this sector will double in size to about $70 billion in 2026. It suggested that clearer regulatory guidance from U.S. federal agencies would help legitimize these platforms and attract more users and capital.
Considering these trends, Bernstein identified Robinhood (HOOD), Coinbase (COIN), FIGR, and Circle (CRCL) as its top crypto stock picks, calling them the strongest proxies for the tokenization theme. The firm also expects Strategy (MSTR) to deliver outsized returns as Bitcoin recovers, given the company’s Bitcoin exposure.
Bernstein Has Always Maintained a Bullish Tone
Bernstein’s current stance builds on years of bullish calls on Bitcoin. In October 2023, Chhugani forecasted that Bitcoin could reach $150,000 by mid-2025, citing expected approval of spot Bitcoin ETFs in the U.S. and the April 2024 halving. At the time, Bitcoin traded near $35,000.
In June 2024, Bernstein raised its long-term expectations, projecting Bitcoin at $200,000 by 2025, $500,000 by 2029, and $1 million by 2033. However, when Bitcoin dropped about 25% in Q4 2025, Bernstein argued in November that fear around a typical four-year cycle peak drove the sell-off, not weakening fundamentals.
By December 2025, after a deeper 30% correction, the firm said the traditional cycle no longer applied. Bernstein said the market is entering a longer bull phase due to institutional buying that offset retail selling and ETF outflows below 5%. It then adjusted its timeline, targeting $150,000 in 2026, a peak of $200,000 in 2027, and maintaining its $1 million projection for 2033.
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