Goldman Sachs Maintains Buy Ratings on Coinbase and Robinhood Amid Bitcoin Surge

Goldman Sachs reaffirmed its bullish stance on two U.S.-listed crypto‑focused companies, Coinbase Global and Robinhood Markets, despite a prolonged drop in overall crypto trading volume.

Bitcoin rally lifts crypto‑related stocks

Bitcoin posted a weekly gain of roughly 26%, reaching an intraday high near $81,255 before easing toward $79,000. The rally coincided with a 75% increase in 24‑hour trading volume and helped the total cryptocurrency market capitalization recover about 21% to $2.8 trillion.

Goldman’s equity recommendations

• Buy rating on Coinbase with a price target raised to $196 (previously $173).
• Buy rating on Robinhood with a price target of $124.
• Coinbase shares rose more than 21% over the past week; Robinhood shares gained about 12%.

The analysts cited not only higher crypto prices but also the companies’ expansion into tokenized stocks, prediction markets, perpetual futures, and other financial products that can generate revenue when spot‑crypto volumes are weak.

Crypto trading volume trends

Goldman’s Americas Brokerage and Crypto Industry report noted a 30% drop in crypto trading volume in July followed by a further 21% decline in August, marking a slowdown longer than the five previous volume contractions examined by the bank.

Despite the decline, the report suggested volumes could recover if market valuations remain elevated, as higher asset prices tend to attract both retail and institutional participants.

Regulatory backdrop

Regulatory uncertainty remains a key barrier for institutional investors, with 35% of surveyed respondents citing unclear rules as the main obstacle and 32% indicating that clearer regulation would boost adoption.

The SEC has proposed a “Regulation Crypto Assets” framework that would provide exemptions for qualifying startups to raise up to $5 million over four years or up to $75 million in a rolling 12‑month period, along with disclosure requirements and a conditional safe harbor.

Goldman’s XRP ETF exposure

In its Q2 Form 13F filing, Goldman disclosed about $86.5 million across five spot XRP exchange‑traded funds, re‑establishing exposure after having no reported positions in the prior quarter.

Additional crypto‑linked initiatives

Goldman agreed to acquire Neos Investments for up to $2.25 billion, adding options‑based income ETFs, three of which provide exposure linked to Bitcoin and Ethereum.