Goldman Sachs Calls the Bottom: The Undervalued Crypto Stocks Wall Street is Quietly Accumulating

Reading a Goldman Sachs note that subtly implies the worst may be over is a little odd. Typically, the bank doesn’t do quiet. When Goldman discusses a sector, it usually lands with the polished thud of a press release; it’s well-organized, hedged, and committee-approved. However, analyst James Yaro’s note from March 26 felt different. It was circumspect, almost hesitant, as though the company wasn’t quite prepared to speak its mind.

After pointing to a 46% decline in cryptocurrency-related stocks since October 2025, the note implied that the decline had “approximately reached the historical peak to trough average.” This could be the floor, to use analyst jargon. And that kind of cautious statement carries weight in a market where retail investors have been debating whether bitcoin is finished on X and staring at red candles for the past six months.

Robinhood, Figure Technologies, and Coinbase were Goldman’s top picks; they were all rated “buy,” at least 50% below their peak prices. The price target for Figure, a blockchain-based HELOC platform that most people outside the fintech industry are unaware of, was raised to $42, suggesting a 35% increase. Tucked away in a larger note from a $3.6 trillion asset manager, this type of call starts to feel like positioning even though it doesn’t make headlines on its own. There’s a feeling that Goldman wants to gain recognition without having to make an announcement.

It’s not just the call that makes this intriguing. Who’s making it is what matters. The CEO of Goldman, David Solomon, used to completely reject bitcoin. He claimed to have seen no practical use case as recently as 2024. By February 2026, he was publicly acknowledging that he had some. Even though the public messaging hasn’t fully caught up, witnessing a Wall Street CEO retract his own skepticism in about eighteen months tells you something about how the discourse within these companies has changed.

Contrary to what the headline implies, the numbers beneath the call are messier. Bitcoin has been trading sideways between $60,000 and $75,000, which is the type of range-bound chop that typically precedes either a sharper leg down or a slow grind higher. Late February saw a slight increase in ETF flows, which is encouraging but not exactly a stampede. Growing long-term holder supply has been cited by K33 Research as an indication of structural stability. Never one to back down, Bernstein is sticking to his goal of $150,000 by year’s end and pointing to Strategy’s $53.5 billion bitcoin treasury as evidence that institutions aren’t retreating.

Goldman hedged nevertheless. Yaro cautioned that trading volumes might continue to decline, which could reduce the coverage group’s 2026 revenue by 2% and profits by 4%. Almost no one on cryptocurrency Twitter bothered to reiterate the fact that volume troughs usually last three months before significantly improving. It was framed in a bullish manner. The disclaimers did not. These things usually go like that.

It’s difficult to ignore the pattern. For years, Wall Street firms viewed cryptocurrency as either an intriguing topic or a compliance challenge. Goldman is now holding ETF positions, issuing buy ratings, and observing its own CEO acquire the asset. The change has been gradual rather than dramatic, and it is the type of change that typically precedes a more extensive institutional reweighting. Years ago, Tesla encountered similar skepticism, and those who awaited approval to purchase missed the majority of the shift.

Nobody truly knows if this is the bottom or just another false floor. There are many head-fakes during bear cycles, and macro risk is still present. However, it seems like the company has already made up its mind based on the language Goldman is using. It simply isn’t prepared to state so clearly.