Goldman Sachs has backed Coinbase and Robinhood shares as Bitcoin’s 26% weekly rally has lifted the cryptocurrency above $80,000 despite an extended decline in market trading volume.
Summary
- Goldman Sachs maintained buy ratings on Coinbase and Robinhood, with targets of $196 and $124.
- Crypto trading volume fell 30% in July before declining another 21% in August.
- Goldman disclosed about $86.5 million of exposure across five spot XRP ETFs for the second quarter.
- Bitcoin reached roughly $81,255 before profit-taking pulled its price back toward $79,000.
Goldman Sachs expects crypto activity to recover
Goldman Sachs said in its latest Americas Brokerage and Crypto Industry report, circulated on X, that crypto trading volumes dropped 30% in July and another 21% in August. Analysts described the current slowdown as longer than the previous five volume contractions examined by the bank.
Trading activity has fallen by roughly 75% from its recent peak, according to the report. During the past week, however, the total cryptocurrency market capitalization has recovered about 21% to $2.8 trillion.
Goldman analysts said trading volumes could begin recovering if the market maintains its current valuation. Rising asset prices can bring more retail and institutional activity to exchanges, providing additional transaction revenue for platforms such as Coinbase and Robinhood.
Although the bank remains cautious about weak volumes, its view of the crypto sector has become more positive for the second half of 2026. The report pointed to stronger token prices, developing US regulations, and new products that allow trading platforms to earn revenue outside conventional spot markets.
Regulatory uncertainty remains the most common concern among institutional investors surveyed by the bank. According to Goldman, 35% of respondents identified uncertain rules as the largest barrier to entering the market, while 32% named regulatory clarity as the main catalyst that could encourage adoption.
Recent developments in Washington have addressed parts of that concern. The Securities and Exchange Commission has proposed Regulation Crypto Assets, a framework covering certain investment contracts involving digital assets.
As previously reported by crypto.news, the proposal includes one exemption allowing qualifying startups to raise up to $5 million over four years. A separate route would permit eligible issuers to raise as much as $75 million during a rolling 12-month period.
The SEC framework also includes disclosure requirements and a conditional safe harbor. It would not automatically exempt every cryptocurrency or token transaction from federal securities laws, and interested parties will receive 60 days to submit comments after the proposal completes the required publication process.
Coinbase and Robinhood receive buy ratings
Against that regulatory and market backdrop, Goldman Sachs maintained buy ratings on Coinbase Global and Robinhood Markets. Analyst James Yaro raised the bank’s Coinbase price target to $196 from $173, while Goldman set a $124 target for Robinhood.
Coinbase shares have gained more than 21% over the past week, while Robinhood has risen about 12%, according to the supplied market report. The advances followed Bitcoin’s recovery and renewed demand for US-listed companies connected to digital assets.
Goldman’s positive assessment was not based only on expectations for higher cryptocurrency trading. Analysts also pointed to the companies’ expansion into tokenized stocks, prediction markets, perpetual futures, and other financial products.
Such additions can provide income when spot cryptocurrency volumes weaken. They can also expose both companies to new regulatory questions involving derivatives, securities, and event contracts in the United States.
Coinbase’s prediction-market business reached $100 million in annualized revenue less than two months after its launch, according to a July examination of the company’s fastest-growing product. Sports-related contracts produced much of the early activity, although several state regulators have challenged whether certain contracts amount to unlicensed gambling.
Robinhood has also expanded its prediction-market operation while developing products tied to tokenized securities. Bernstein projected in June that Robinhood’s prediction-market revenue could increase from $150 million in 2025 to $586 million in 2026, supported in part by trading linked to the FIFA World Cup.
The brokerage launched Robinhood Chain in July as an Ethereum layer-2 network built for tokenized stocks and other financial assets. Eligible users can trade supported products outside normal US market hours, although tokenized instruments may not provide the ownership, voting, and shareholder rights attached to ordinary shares.
Coinbase, meanwhile, has pursued its “everything exchange” strategy by adding event contracts and time-based prediction markets. The company has also expanded its derivatives business, reducing some of its dependence on fees from spot crypto trading.
Goldman Sachs rebuilds its XRP ETF exposure
Goldman Sachs has also returned to XRP-linked exchange-traded funds after reporting no positions in the products during the first quarter.
The bank disclosed approximately $86.5 million across five spot XRP ETFs in its second-quarter Form 13F, according to figures cited in the supplied report. Its holdings covered funds offered by Franklin Templeton, Bitwise, Canary Capital, 21Shares and Grayscale.
Goldman previously reported $153.8 million across four XRP funds at the end of 2025. By the end of the first quarter, however, the bank had removed all reported XRP and Solana ETF positions from its filing.
A June review of Goldman’s XRP ETF exit found that the bank had also increased its positions in several crypto-related stocks during the first quarter. Its reported holdings included shares of Coinbase, Circle, Bullish, Strategy, and MARA Holdings.
Form 13F reports disclose certain long US securities positions held by qualifying institutional investment managers at the end of each quarter. They do not show every transaction made during the reporting period, identify whether positions are held for clients or the bank itself, or reveal trades opened and closed between filing dates.
The second-quarter disclosure therefore confirms that Goldman held the XRP ETF positions at the end of June. It does not establish that the bank made a directional bet on XRP or intends to maintain the holdings.
Apart from the reported XRP ETF positions, Goldman is adding crypto-linked products to its asset-management business. In August, the bank agreed to acquire Neos Investments for as much as $2.25 billion, subject to regulatory approval.
Neos manages more than $30 billion across 19 options-based income ETFs. Three of its products provide exposure linked to Bitcoin and Ethereum while using options strategies to generate income. The acquisition is expected to close during the first quarter of 2027 if regulators approve the transaction.
Bitcoin breakout supports crypto stocks
Bitcoin has risen about 26% over the past week, reaching an intraday high of roughly $81,255 before easing toward $79,000. The move has supported cryptocurrency-linked stocks and helped the total digital asset market recover from its recent decline.
As discussed in our previous Bitcoin analysis, the pullback followed a rapid rally and profit-taking around $81,000. Bitcoin briefly moved below the psychological $80,000 level after reaching its multi-month high, though it retained most of its weekly advance.
Trading volume increased by almost 75% over the latest 24-hour period, according to the supplied market data. Coinbase and Robinhood shares advanced alongside the cryptocurrency, giving Goldman’s stock recommendations additional attention as US investors sought regulated exposure to the market recovery.
The rally began after the US Treasury doubled the size of its long-dated bond buyback operations, which pushed Treasury yields lower and supported risk assets. President Donald Trump’s renewed call for Congress to pass the CLARITY Act also added regulatory momentum to the move.
Goldman CEO David Solomon has supported advancing the CLARITY Act even as banking groups have raised concerns about stablecoin rewards. A July report on the bill’s Senate vote prospects said Solomon backed federal market-structure legislation despite disagreements within the banking industry.
The legislation would establish rules for determining whether certain digital assets fall under SEC or Commodity Futures Trading Commission oversight. It faces a procedural Senate vote scheduled for Sept. 15, with lawmakers still divided over stablecoin incentives, consumer protections and provisions involving public officials’ crypto interests.
Investors are also awaiting Wednesday’s US personal consumption expenditures inflation report. The Federal Reserve’s preferred inflation measure can influence Treasury yields and expectations for interest rates, affecting Bitcoin and US-listed crypto shares, including Coinbase and Robinhood.
