Goldman Sachs: Crypto Market Cap Up 34% in Q3, Brokerage and Crypto Stock Target Prices Raised

TechFlow reports that, according to Chaoxiang Research, in its September 8, 2026 research report, Goldman Sachs noted that the crypto market capitalization has risen 34% since the start of Q3. Average 3Q26E revenue forecasts for the coverage group were raised by 10%, while the median 2026 EPS estimate increased by 1%. The median target P/E multiple climbed from 29.5x to 32.5x. Target prices for individual stocks were universally raised: COIN from $196 to $219 (+12%), CRCL from $81 to $92 (+14%), ETOR from $32 to $36 (+13%), GLXY from $25 to $28 (+12%), BTGO from $6.50 to $7.25 (+12%), and GEMI from $3.50 to $4.00 (+14%).

Goldman Sachs noted that rising market capitalization is driving growth in custody, staking, and stablecoin revenues. While trading volumes remain weak (down 8% sequentially since the start of Q3 2026), they rebounded 16% sequentially in August. The median total return expectation for the coverage group is +3%, and the firm recommends focusing on companies with diversified revenue sources to buffer against trading volume fluctuations.