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

Odaily Odaily reports that William Blair has lowered its revenue expectations for Coinbase by 12% for 2026 and 13% for 2027, and reduced its adjusted EBITDA forecasts for both years by 34%, while maintaining an "outperform" rating. William Blair expects Coinbase's total trading volume to decline by approximately 44% to $669 billion this year, before rebounding by 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 shares both rose by approximately 3% to 4% on Wednesday. Coinbase has fallen nearly 30% year-to-date, while Bitcoin has dropped around 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, and if this pattern completes, it would be seen as a confirmation of a trend change. Glassnode's latest weekly analysis indicates that the long-term holder capitulation indicator peaked two weeks ago during this cycle and has since retreated.