Goldman Sachs has stepped up its crypto-facing commitments on multiple fronts, combining fresh buy ratings on two major trading platforms with significant ETF exposure across XRP and Solana.
Coinbase and Robinhood price targets raised: In a research note dated August 25, analyst James Yaro maintained buy ratings on Coinbase Global and Robinhood Markets. The bank lifted its Coinbase price target to $196 from $173 and set a new target of $124 on Robinhood. The move came during a week when Bitcoin surged roughly 26%, touching an intraday high near $81,000 before easing back toward $79,000 on profit-taking.
Volume slump and diversification: Goldman's bullishness contrasts with a sharp slowdown in trading activity. According to the report, crypto trading volume fell 30% in July and another 21% in August, leaving activity roughly 75% below its recent peak. Goldman argued that new revenue lines could offset this: Coinbase's prediction-market business reportedly reached $100 million in annualized revenue less than two months after launch, while Robinhood launched Robinhood Chain, an Ethereum layer-2 network aimed at tokenized stocks. Bernstein has separately projected Robinhood's prediction-market revenue could climb from $150 million in 2025 to $586 million in 2026.
Solana ETF leadership: Separate analysis based on 13F filings indicates that Goldman Sachs has become the top known holder of spot Solana ETFs, a development highlighted by market watchers and viewed as a sign of growing institutional acceptance of Solana. The disclosure may attract further attention from other financial entities evaluating spot crypto ETF exposure.
XRP exposure and regulatory context: Goldman also reported about $86.5 million in exposure through five spot XRP exchange-traded funds, after previously holding no positions. Total crypto market capitalization has rebounded 21% to $2.8 trillion, but regulatory uncertainty remains a key concern, with 35% of institutional investors citing it as a barrier. The SEC has proposed Regulation Crypto Assets, including a fundraising exemption for startups and disclosure requirements, though it does not exempt all token transactions from federal securities law. The bank is also set to acquire Neos Investments for up to $2.25 billion, pending regulatory approval.
Market reaction: Coinbase shares gained more than 21% over the week and Robinhood added about 12%, according to market data cited in Goldman's report. Bitcoin's breakout above $80,000 arrived with almost 75% higher 24-hour trading volume, even as broader monthly crypto activity trends pointed downward. Investors were also watching Wednesday's US personal consumption expenditures inflation report for its potential effect on Treasury yields and risk appetite.
