Bernstein initiated protection of Robinhood (HOOD) with an outperform score and $30 value goal.
The dealer expects whole crypto market cap to develop virtually threefold to $7.5 trillion by 2025.
It stated bitcoin spot ETF property below administration might climb as excessive as $300 billion by 2025.
Bernstein initiated protection of buying and selling platform Robinhood (HOOD) with an outperform score and a value goal of $30, citing a “monster” crypto cycle as the explanation for the bullish name, the dealer stated in a analysis report Thursday.
“We count on whole crypto market cap to succeed in $7.5T by 2025 versus $2.6T at the moment,” and this implies Robinhood crypto income ought to develop ninefold, the report stated. The corporate stated Wednesday that crypto buying and selling quantity on its platform rose 10% in February from January.
Bernstein expects bitcoin’s (BTC) market cap to develop to $3 trillion by 2025, ether’s (ETH) to extend to $1.8 trillion and different main blockchain tokens to succeed in a mixed $1.4 trillion.
“We consider the crypto market is amidst unprecedented institutional adoption,” analysts Gautam Chhugani and Mahika Sapra wrote. Spot bitcoin exchange-traded fund (ETF) property below administration could surge to as excessive as $300 billion by 2025. It expects an ether ETF to develop into accessible inside 12 months.
The dealer views Robinhood as a two 12 months cyclical commerce, “using the crypto-led earnings inflection over 2024-25.”
Robinhood shares rose over 10% in after-hours buying and selling.
Learn extra: How Robinhood and Arbitrum Hope to Carry Extra Individuals On-Chain
