William Blair lowers Coinbase 2026 and 2027 performance expectations, maintains outperform rating

Odaily reports that William Blair has lowered its 2026 revenue estimate for Coinbase by 12%, and its 2027 revenue estimate by 13%, while reducing its adjusted EBITDA estimates for both years by 34%. The firm maintains its "Outperform" rating. William Blair expects Coinbase's total trading volume this year to decline by approximately 44% to $669 billion, before rebounding over 32% in 2027. The firm believes Coinbase's earnings will bottom out in the second half of 2026 and recover in 2027. Coinbase and Circle both saw their stock prices rise by approximately 3% to 4% on Wednesday. Coinbase has fallen nearly 30% year-to-date, while Bitcoin has dropped about 26% over the same period; Circle has declined about 20% since January. Technical analyst John Bollinger noted that Bitcoin's daily chart shows a "W" double-bottom pattern. If completed, this formation would be seen as confirmation of a trend reversal. Glassnode's latest weekly analysis indicates that the long-term holder capitulation indicator, after reaching its peak for this cycle two weeks ago, has since receded.