Why Now Is the Time to Buy Bernstein's Top Crypto Stocks as Bitcoin's Bottom Is Confirmed and a Tokenization Supercycle Begins

The crypto market is at a pivotal inflection point. After a 30% correction in late 2025, Bitcoin's price has stabilized, with institutional demand and ETF absorption acting as a counterweight to retail panic selling according to Bernstein analysts. Bernstein analysts now project Bitcoin to reach $150,000 by 2026 and $200,000 by 2027, signaling the start of an "elongated bull cycle" driven by institutional adoption rather than speculative retail frenzies. Simultaneously, the tokenization of real-world assets (RWAs) is accelerating, creating a "supercycle" that is reshaping financial infrastructure. This convergence of factors-confirmed Bitcoin bottoms, regulatory clarity, and tokenization-driven innovation-positions Bernstein's top crypto stocks as prime candidates for strategic investment.

The Bitcoin Bottom: A New Bull Cycle Anchored by Institutions

Bitcoin's recent pullback from its October 2025 peak of $126,000 was a shallow correction rather than a bear market, according to Bernstein. The firm attributes this to institutional buying that has offset retail selling pressures, with ETF outflows remaining minimal despite the volatility. Institutional ownership of Bitcoin ETFs has surged from 20% at the end of 2024 to 28%, with total ETF assets under management now exceeding $125 billion. This shift reflects a broader trend: institutional investors are treating Bitcoin as a core asset class, not a speculative fad.

Moreover, the U.S. government's Strategic Bitcoin Reserve executive order and the diversification of national digital asset holdings underscore a policy environment that supports Bitcoin's long-term value. Bernstein's long-term target of $1 million per Bitcoin by 2033 hinges on this institutionalization, which is now firmly underway.

The Tokenization Supercycle: From Theory to Execution

A detailed financial chart showing the exponential growth of tokenized assets, with separate lines for tokenized real estate, commodities, and stablecoins, all converging to surpass $20 billion in combined assets under management

Tokenization is no longer a niche experiment-it is the backbone of a new financial system. In 2025, tokenized money market funds holding U.S. Treasuries surpassed $8 billion, while tokenized commodities like gold reached $3.5 billion in assets under management. Platforms like Figure Technologies are leveraging blockchain to tokenize real estate and streamline loan processes, reducing home equity line of credit (HELOC) origination times from 42 days to 10.

Regulatory frameworks such as the EU's MiCA and the U.S. GENIUS Act have provided clarity for stablecoins and digital asset operations, enabling institutional players to enter the market with confidence. Circle's USDC stablecoin, for instance, processed $9.6 trillion in transactions in Q3 2025, with 6.3 million active wallets. Meanwhile, BlackRock and Goldman Sachs are deploying blockchain-based platforms to tokenize traditional assets and settle digital instruments, signaling a tectonic shift in financial infrastructure.

Bernstein's Top Crypto Stocks: Strategic Positioning in the Supercycle

Bernstein's top picks for 2026-Robinhood, Coinbase, Figure, Circle, and MicroStrategy-are uniquely positioned to benefit from these trends.

1. Robinhood (NASDAQ:HOOD) and Coinbase (NASDAQ:COIN): Trading Platforms in a Bull Market
   As the crypto bull cycle extends into 2027, trading volumes on platforms like Robinhood and Coinbase are surging. Robinhood's acquisition of Bitstamp and Coinbase's expansion into institutional-grade custody services position them to capture growth from both retail and institutional investors. Bernstein analysts have raised price targets for both firms, citing their role in facilitating the tokenization supercycle's liquidity needs.

2. Figure (NYSE:FIGR): Pioneering RWA Tokenization
   Figure's blockchain-based HELOC platform is a case study in how tokenization can disrupt legacy financial systems. By reducing back-office intermediaries and accelerating loan processing, Figure is attracting institutional capital and redefining asset management. Its strategic alignment with the U.S. crypto framework-bolstered by the GENIUS Act- positions it as a leader in the RWA space.

3. Circle (NYSE:CRCL): Stablecoin Infrastructure and Global Payments

Circle's USDC stablecoin is at the forefront of tokenized money markets, with its Arc blockchain now in public testnet and attracting 100+ institutional participants . The firm's IPO in 2025, which raised $1.1 billion, marked a turning point in stablecoin legitimacy . As cross-border B2B payments and remittances increasingly rely on stablecoins, Circle's infrastructure is poised to dominate the tokenization supercycle.

1. MicroStrategy (NASDAQ:MSTR, now Strategy): Bitcoin Treasury Model
   Strategy's $640,808 Bitcoin holdings make it a de facto Bitcoin ETF, with its disciplined capital-raising strategy (including preferred equity issuances) shielding it from liquidity risks . As institutional investors seek exposure to Bitcoin through diversified vehicles, Strategy's role as a digital asset treasury company is critical to the bull cycle's continuation .

Why Now? Regulatory Clarity and Institutional Momentum

The tokenization supercycle is being propelled by regulatory clarity and institutional adoption. The repeal of SAB 121 and the introduction of SAB 122 have eased accounting standards for digital asset custodians, encouraging more institutions to enter the space . Meanwhile, the U.S. and EU's regulatory frameworks are creating a global blueprint for tokenized finance, ensuring that the next phase of growth is orderly and scalable .

For investors, this means the time to act is now. Bernstein's top crypto stocks are not just riding the Bitcoin bull cycle-they are building the infrastructure for a tokenized future. As institutional capital continues to flow into crypto ETFs, stablecoins, and RWAs, these firms are positioned to capture outsized returns from the supercycle's momentum.