Tokenization supercycle — Bitcoin may be entering a powerful new phase that goes beyond a typical bull run. Research firm Bernstein expects a tokenization supercycle in 2026, paving the way for a possible market peak in 2027, even if 2025 finishes quietly. Analyst Gautam Chhugani says this phase could boost not only Bitcoin, but also a range of crypto-related stocks connected to infrastructure, trading platforms, and stablecoins.
The firm’s outlook points toward tokenization and stablecoins as the main engines of growth rather than hype alone. Bernstein expects a sharp increase in the supply and use of stablecoins as crypto adoption expands across payments, cross-border transfers, and fintech integrations. Major payment players such as Block, Revolut, and PayPal are seen as part of this movement, helping push tokenized assets more deeply into everyday financial activity.
Stocks Bernstein believes could benefit
Bernstein highlights several companies positioned to ride this wave:
- MicroStrategy (MSTR) — expected to see its “Bitcoin premium” return as BTC strengthens
- IREN — flagged as Bernstein’s top AI-focused pick
- Robinhood, Coinbase, Figure, and Circle — named as potential winners of the tokenization trend and expanding stablecoin usage
MicroStrategy continues to be watched closely due to its large Bitcoin holdings. The company has been adding to its BTC reserves and recently increased its preferred dividend, while analysts still see room for upside compared with historical premium levels.
Circle Internet Group, the issuer of USDC and EURC, has seen its stock price dip over the past three months but remains slightly positive for the year. Bernstein argues that shares are still trading below what it calls “narrative fair value,” despite Circle sitting near the center of the booming stablecoin market.
New tools and fintech features help Robinhood stand out
Robinhood is no longer just a trading app for beginners. The company now offers stocks, ETFs, crypto, options, and gold — plus new tools designed to keep users engaged. Its AI assistant Cortex provides customized indicators and market analysis, while Legend brings advanced features such as futures trading and expanded index-options access.
The platform is also leaning into social investing. Robinhood Social includes verified trading profiles, shared strategies, and portfolio tracking, with copy-trading functionality expected ahead. On the financial-services side, Robinhood has expanded into mortgages and added a Gold credit card, aiming to deepen its role in users’ day-to-day finances.
Derivatives traders are already positioning
Activity on derivatives exchange Deribit, owned by Coinbase, suggests traders are placing more bets on Bitcoin reaching key price milestones in the near term. Meanwhile, prediction platform Polymarket shows probability estimates building around higher Bitcoin targets by year-end.
Put together, Bernstein’s thesis is simple: 2026 could be the year tokenization moves from buzzword to real economic engine, supporting Bitcoin, exchanges, fintech platforms, and stablecoin issuers — with the potential for a broader cycle peak arriving in 2027.
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