Beyond the Hype: Wall Street Eyes Crypto's Infrastructure Winners as Analyst Picks MSTR, COIN, and HOOD
The promise of fintech has long been faster, simpler finance. Yet for all the sleek apps and instant notifications, the underlying machinery—the settlement of transactions between institutions—often still creaks along at an analog pace. This gap between user experience and backend reality is where cryptocurrency, built for a digital-native environment, presents a fundamental challenge to the status quo.
"The core innovation isn't just a new asset class; it's a new settlement layer," says Ramsey El-Assal, an analyst at Cantor Fitzgerald. "Assets like Bitcoin were designed for direct, peer-to-peer transfer without traditional intermediaries. That's the tectonic shift Wall Street is now trying to navigate, despite the regulatory fog."
That fog includes the stalled CLARITY Act in the U.S. Senate, a bill that could define the regulatory playing field for digital assets. In this climate, El-Assal argues the value in the crypto ecosystem is shifting from purely decentralized protocols to public companies that can leverage blockchain technology while operating within the mainstream financial system. He highlights three such stocks for investors looking to gain exposure: MicroStrategy (MSTR), Coinbase Global (COIN), and Robinhood Markets (HOOD).
MicroStrategy (MSTR): The Bitcoin Treasury Play
Once known for its business analytics software, MicroStrategy has radically transformed itself into the world's largest corporate holder of Bitcoin. With over 712,000 BTC on its balance sheet—valued at approximately $62.5 billion—the company functions as a publicly-traded proxy for Bitcoin itself.
"MSTR isn't just holding Bitcoin; it's engineering financial products around it," El-Assal notes. He believes the company's strategy of creating tailored investment vehicles broadens its investor base and strengthens its financial resilience. Cantor Fitzgerald rates MSTR as Overweight with a $213 price target.
Coinbase Global (COIN): The Regulated Gateway
As a leading global crypto exchange, Coinbase serves as a critical on-ramp for both retail and institutional investors. El-Assal sees it as a "regulated bridge" between decentralized finance (DeFi) and traditional finance (TradFi). With over $500 billion in assets on its platform and robust quarterly earnings that recently beat estimates, Coinbase's infrastructure is deeply embedded in the ecosystem.
"As blockchain integrates into capital markets, COIN's role as a compliant, secure gateway becomes increasingly vital," the analyst states. He assigns an Overweight rating and a $277 target.
Robinhood Markets (HOOD): Democratizing Crypto Access
The popular trading app, known for commission-free stock trading, has become a significant conduit for retail crypto investment. Despite recent stock volatility linked to regulatory delays, its crypto revenue surged roughly 339% year-over-year in its last quarter.
"HOOD's valuation is attractive as crypto markets stabilize," El-Assal argues, acknowledging regulatory headwinds but remaining optimistic about long-term adoption. He gives the stock an Overweight rating with a $130 price target.
Street Voices: A Mixed Bag of Reactions
David Chen, Portfolio Manager at Horizon Capital: "El-Assal's thesis is sound. The real value accrual will be with compliant, scalable intermediaries, not just the protocols. MSTR's transformation is particularly fascinating—it's essentially a novel, publicly-traded financial vehicle."
Sarah Miller, Independent Fintech Consultant: "This feels like trying to pick winners in the dot-com era by recommending telecom companies that laid the fiber. It's not wrong, but it misses the point. The transformative companies might not be these obvious bridges but something entirely new being built on-chain."
Marcus Thorne, host of the 'Crypto Skeptic' podcast: "This is pure narrative chasing. Recommending HOOD because crypto is 21% of its revenue? That's a bug, not a feature! These are legacy-facing companies whose fortunes are hitched to a wildly speculative asset class. When the next crypto winter comes, and it will, these 'infrastructure' picks will freeze over first."
Priya Sharma, CFA at a Midwest Pension Fund: "For institutional investors, the compliance and custody solutions offered by companies like Coinbase are non-negotiable first steps. The analysis correctly identifies that regulatory clarity, via something like the CLARITY Act, is the single biggest catalyst for these names."
Disclaimer: The opinions expressed are those of the featured analyst and interviewees. This content is for informational purposes only. It is essential to conduct your own research before making any investment decisions.