Crypto markets have regained momentum heading into September, with Bitcoin bouncing roughly 30% from recent lows and pushing toward $80,000. The key technical level is $82,800, and whether Bitcoin can break above it may determine the next direction for both digital assets and crypto-linked equities.
Macro conditions add another layer. Stronger U.S. jobs data and rising energy prices have increased expectations for a Federal Reserve rate hike at the September 15–16 meeting, while an upcoming inflation report could act as a catalyst. Against this backdrop, three crypto-related stocks stand out: Coinbase, Circle, and Robinhood.
Coinbase captured a record 10.3% share of global crypto trading volume in Q2, up from 9.1% in Q1 and its third consecutive quarter of market share gains. The exchange posted its 14th straight quarter of positive adjusted EBITDA. Notably, about 88% of net revenue now comes from sources other than Bitcoin spot trading. Subscription and services revenue reached $555 million, and average USDC held across Coinbase products hit an all-time high of $20 billion.
Circle, the issuer of USDC, reported $73.3 billion in stablecoin circulation during Q2, up 19% year over year, with on-chain transaction volume surging 151% to $14.8 trillion. Total revenue and reserve income reached $701 million, and adjusted EBITDA rose 8% to $143 million. Circle plans to launch the public mainnet of its Arc blockchain on September 16, focusing on stablecoin payments, programmable finance, and tokenized real-world assets. More than 100 institutional and ecosystem builders are already involved.
Robinhood gained 36% in August, making it the best-performing major financial stock that month. Its 52-week range is $63.51 to $153.86, with a market cap around $109.79 billion. The company posted record Q2 revenue of $1.31 billion, up 32% year over year, with diluted EPS of $0.62 beating estimates of $0.44. Net deposits hit a record $21.7 billion and Robinhood Gold subscribers climbed 39% to 4.8 million. Crypto revenue fell 38% to $100 million, but event-contract revenue surged to $156 million, topping both crypto and equities revenue for the first time. Robinhood launched its CFTC-licensed prediction market exchange Rothera in June, with more than 3.5 billion contracts traded by the end of Q2.
Robinhood also rolled out Agentic Trading in May; by the end of Q2 nearly 100,000 customers had opened accounts with more than $100 million in assets under custody. CEO Vlad Tenev said Trust Accounts launched in August have already pulled in more than $150 million, and Robinhood’s new blockchain generated about $3.8 million in fees on September 1 alone.
Wall Street analysts have been active. Morgan Stanley upgraded HOOD to Overweight with a $150 price target, Piper Sandler raised its target to $145, and Scotiabank initiated coverage with a bullish view. Barclays and Goldman Sachs trimmed targets to $105 and $118, respectively, but kept buy-equivalent ratings. The consensus is a Moderate Buy with an average price target of $122.67. Institutional ownership stands at 93.27%, though insiders including Tenev sold about $69.1 million in shares over the last 90 days.
The near-term outlook for all three stocks remains closely tied to Bitcoin. A clean break above $82,800, combined with supportive inflation data, could push crypto-linked equities higher into the back half of September.
