Block, Coinbase and crypto stocks get upbeat calls

The shares moved only modestly in Thursday trading, but the bigger message is that Wall Street is beginning to reward companies that use the AI boom to become leaner and more productive. Palmer’s view that Block is already seeing “impressive” output from its agentic AI platform suggests the company’s restructuring is more than a cost-cutting story; it is becoming a competitive advantage story.

At the same time, Cantor Fitzgerald lifted its price targets on Sharplink Gaming, Forward Industries and Bitmine Immersion Technologies, saying the current crypto bear market may be approaching a bottom by October 2026. Those calls matter because crypto stocks tend to magnify the underlying cycle. When Bitcoin stabilizes, the leveraged names often move first and hardest. In other words, Cantor is betting that the worst of the drawdown is already behind the sector, even if volatility remains high.

That view is not happening in a vacuum. Bitcoin was still under pressure Thursday, slipping more than 2% over 24 hours, while the S&P 500 ETF was also lower. U.S. producer prices came in hot on a yearly basis, and investors are waiting for Friday’s consumer price data to judge whether the Federal Reserve can keep easing financial conditions. For crypto, that macro backdrop matters almost as much as company-specific news because lower real rates and easier liquidity have historically supported digital assets and the stocks tied to them.

Morgan Stanley’s fresh coverage of Coinbase underscored the same theme from a different angle. The bank sees Coinbase as strategically important because of its scale, regulatory infrastructure and role as a bridge between crypto and traditional finance, even while warning that earnings remain highly cyclical. That combination is exactly why investors should think carefully about position sizing. The category may have powerful long-term optionality, but the business model is still tied to trading volumes, asset prices and sentiment.

For patient investors, the takeaway is straightforward: the crypto ecosystem is starting to attract more constructive Wall Street coverage just as Block is trying to prove its AI-led transformation is real. Neither story is a straight line, and both will be volatile. But for those willing to own a basket of durable businesses for three to 10 years, the recent weakness could be the kind of setup that rewards discipline more than timing. These names are worth watching, not chasing.