Leading financial analysts from Bernstein and B. Riley have released forward-looking reports for 2026, forecasting a major structural shift in the cryptocurrency market from speculative trading to practical financial infrastructure. This transition is expected to be driven by a convergence of regulatory clarity, institutional adoption of blockchain technology, and the widespread tokenization of real-world assets.
Bernstein's 'Tokenization Supercycle' Forecast
Bernstein analyst Gautam Chhugani projects a "tokenization supercycle" for 2026, with the next Bitcoin cycle peak anticipated in 2027. Despite predicting a "soft finish" to 2025, the firm is optimistic about Bitcoin's trajectory toward higher price levels. The supercycle is expected to be fueled by a significant increase in stablecoin supply, driven by growing crypto activity, cross-border payments, and adoption by major fintech firms like Block, Revolut, and PayPal.
Bernstein identifies several key beneficiaries of this trend. MicroStrategy is highlighted, with analysts expecting its historical trading premium to return as Bitcoin rebounds. The company continues to add to its substantial Bitcoin reserves. IREN is named as Bernstein's leading AI-focused stock pick. The report also underscores the potential of Robinhood and Coinbase, citing Robinhood's AI tools (Cortex), social trading features (Robinhood Social), and expansion into banking services as underpriced growth drivers. Circle, the issuer of USDC and EURC stablecoins, is noted as a player positioned to benefit from rising stablecoin use, even though its shares currently trade below what analysts call "narrative fair value."
B. Riley's Infrastructure-Focused Outlook
In a separate report, B. Riley analysts Fedor Shabalin and Nick Giles echo the sentiment, stating that 2026 will see digital assets cross a key threshold, becoming "plumbing, not just a trade." They attribute this shift to clearer stablecoin regulations, institutional tokenization of assets, stronger governance, and improved interoperability between traditional bank ledgers and public blockchains.
A critical element of this shift is the expected pivot of Digital Asset Treasury Companies (DATCOs) from simply accumulating tokens to deploying them in revenue-generating operations. B. Riley tracks 25 such companies, which continue to trade at an enterprise value of about 0.8 times the market value of their crypto holdings (mNAV), a metric unchanged since mid-December.
The report highlights a significant near-term catalyst: index provider MSCI has paused a proposal that would have excluded these treasury companies from major global equity indexes. This decision is seen as supportive for the sector, as index inclusion helps sustain passive fund flows and reduces the risk of forced selling—a concern that had previously pressured stocks like MicroStrategy.
As a case study for the operational shift, B. Riley points to BitMine Immersion Technologies, which is expanding its Ethereum staking operations ahead of a planned infrastructure launch in early 2026. The firm reiterated a Buy rating on BitMine with a $47 price target, citing staking-driven revenue potential. Shares were trading at $29.83 at the time of the report.
