tl;dr
Bernstein, a broker, predicts further institutional adoption of cryptocurrency markets. They anticipate the approval of spot bitcoin ETFs by major wirehouses and large private bank platforms in the third and fourth quarters. The report forecasts bitcoin to reach a cycle high of $200,000 in 2025, $50...
Crypto markets are poised for institutional adoption, as Bernstein predicts approval of spot bitcoin ETFs by major wirehouses and large private bank platforms in Q3/Q4. They expect bitcoin to reach $200,000 by 2025, $500,000 by 2029, and $1 million by 2033, with potential for institutional adoption of BTC and crypto-linked stocks.
Bernstein foresees further institutional adoption of cryptocurrency markets, with an outperform rating on bitcoin miners Riot Platforms (RIOT) and CleanSpark (CLSK), as well as on software company MicroStrategy (MSTR) and trading platform Robinhood (HOOD).
JPMorgan notes that U.S.-Listed Bitcoin Miners reached a record total market cap of $22.8B in June.
Spot bitcoin ETFs are expected to be approved by major wirehouses and large private bank platforms in the third and fourth quarters, driving potential accelerated bitcoin ETF inflows in the coming quarters.
In their research report, Bernstein highlights that crypto bears have argued against the spot bitcoin ETF trade, but they see bitcoin ETFs on the cusp of approvals at major wirehouses and large private bank platforms in Q3/Q4.
The basis trade, involving spot bitcoin ETF and bitcoin futures contract, appears to be the "Trojan horse for adoption," with bitcoin ETF inflows set to accelerate in the third and fourth quarters.
Bernstein expects bitcoin to surge to around $200,000 by 2025, $500,000 by 2029, and $1 million by 2033, with an outperform rating on bitcoin miners Riot Platforms (RIOT), CleanSpark (CLSK), MicroStrategy (MSTR) and Robinhood (HOOD).
More about Riot Blockchain Inc
Riot Blockchain Inc
Riot Blockchain, Inc., focuses on the cryptocurrency mining operation in North America. The company is headquartered in Castle Rock, Colorado.
Industry: LIFE SCIENCES
Sector: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES
Market Cap: 3078448000
Current Price: 25.38
Dividend Yield: None
P/E Ratio: 0.42
EPS: 1.448
Beta: 0.501
Volume: 286738000
Previous Close: 18.14
Return on Equity: 6.36
Price/Earnings to Growth: 0.083
More about CleanSpark Inc
CleanSpark Inc, CleanSpark, Inc. provides energy software and control technology solutions worldwide. The company is headquartered in Woods Cross, Utah.
Sector: Real Estate & Construction
Industry: Blank Checks
Market Cap: 4438907000
Current Price: 149.85
Dividend Yield: None
EPS: 0.13
P/E Ratio: 1.74
ROE: 0.224
Volume: 283628000
50-Day Moving Average: 26.4
200-Day Moving Average: 0
RSI: 1.628
More about MicroStrategy Incorporated
Company: MicroStrategy Incorporated
Business Profile: MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.
Industry: Technology
Sector: Services - Prepackaged Software
Market Cap: $26.06 billion
Dividend Yield: None
Price/Earnings Ratio: None
Price/Book Ratio: -10.73
Return on Equity: 32.62%
Debt/Equity Ratio: -0.174
Revenue: $489,592,000
Net Income: $1,945.79 million
Earnings per Share: -0.775
Price per Earnings Growth Ratio: -0.055
More about Robinhood Markets Inc
Stock Market Analysis: Robinhood Markets Inc Summary of Analysis
Company: Robinhood Markets Inc
Industry: Finance, Security Brokers, Dealers & Flotation Companies
Market Cap: 19.21 billion
Stock Price: $156.14
Dividend Yield: None
Price/Earnings Ratio: 0.14
EPS: 2.306
Beta: 0.0622
Volume: 2.042 billion
50-Day Moving Average: $21.39
200-Day Moving Average: $0
Relative Strength Index (RSI): 0.401