Amidst significant volatility in the digital asset sector, three prominent Wall Street investment banks—Benchmark, TD Cowen, and Mizuho—have collectively reaffirmed their bullish stances on four publicly traded cryptocurrency entities: Bitdeer, DeFi Technologies, Strive, and Gemini. This coordinated action signals a decisive departure from traditional valuation models that relied heavily on spot trading volumes. Instead, the consensus points to a structural realignment where these firms are increasingly valued for their expansion into artificial intelligence infrastructure and capital market utilities. Data compiled by Woofun AI indicates that this strategic pivot is the primary catalyst sustaining investor confidence even as broader market conditions remain turbulent.

Benchmark specifically maintained its buy rating on Bitdeer, setting a price target of $27. This valuation underscores the firm's conviction in Bitdeer's aggressive expansion into AI-driven mining operations and data center capabilities.

Concurrently, Benchmark retained its buy rating for DeFi Technologies but adjusted its price target downward from $3 to $2. This modification reflects a pragmatic assessment of near-term market headwinds while acknowledging the company's long-term potential. The divergence in price targets highlights the nuanced approach analysts are taking to distinguish between immediate operational challenges and strategic growth vectors.

TD Cowen demonstrated heightened optimism regarding Strive, raising its price target from $26 to $30. This upward revision suggests that the market is beginning to recognize the efficacy of Strive's business model transition away from pure trading reliance.

Meanwhile, Mizuho maintained its outperform rating for Gemini, although it lowered the price target from $12 to $10. Mizuho analyst Dan Dolev provided critical context for this decision, noting that the market is currently underestimating the velocity of this sector-wide transformation. Woofun AI notes that Dolev's analysis highlights a critical decoupling between trading volume and revenue resilience.

Dolev's assessment revealed that Gemini successfully sustained its trading revenue despite a decline in overall trading volume exceeding 50%. This metric serves as empirical evidence that the company's diversification into alternative revenue streams is yielding tangible results. The ability to maintain revenue stability while volume contracts indicates a maturing business structure that is less susceptible to the cyclical nature of crypto trading. Analysts believe this pattern of revenue diversification is replicating across the broader sector, fundamentally altering the risk profile of these equities.

The persistence of these buy ratings signifies a profound shift in how Wall Street values crypto-native companies. Historically, valuation was almost exclusively tethered to trading volume and macro market cycles. The current analytical framework, however, assigns significant premium to infrastructure buildouts, AI service offerings, and institutional utility. These factors are viewed as providing more stable, long-term growth trajectories compared to the speculative volatility of trading fees. This evolution suggests that the narrative surrounding crypto stocks is transitioning from speculation to fundamental utility.

The consensus among Benchmark, TD Cowen, and Mizuho indicates that select crypto companies are successfully repositioning themselves for the next phase of digital asset adoption. The pivot toward AI and infrastructure is no longer merely a survival tactic but has become a core component of their valuation stories. Woofun AI analysis suggests that investors must look beyond surface-level trading metrics to accurately assess these companies based on their broader technological and strategic merits. The data implies that the future of crypto equity valuation will be driven by operational depth and technological integration rather than market sentiment alone.