Crypto
Home›Crypto›Market Structure›Coinbase rises after William Blair cuts forecasts, cit…
Coinbase rises after William Blair cuts forecasts, cites Bitcoin recovery
William Blair lowered Coinbase’s 2026 and 2027 revenue estimates by 12% to 13% and adjusted EBITDA by 34%, but said earnings should trough in 2H 2026 before rebounding in 2027.
Coinbase shares rose about 3% to 4% after William Blair cut its 2026 and 2027 forecasts for the company but kept an outperform rating, arguing that key risks are already priced in. Decrypt reported the firm expects Coinbase earnings to trough in the second half of 2026 before a 2027 rebound.
William Blair reduced its 2026 revenue estimate by 12% and its 2027 revenue estimate by 13%, while cutting adjusted EBITDA projections by 34% for both years. The note also projected Coinbase total trading volume would fall roughly 44% this year to $669 billion, before rebounding more than 32% in 2027.
Analysts Andrew Jeffrey and Adib Choudhury said spot crypto volume is expected to bottom alongside Bitcoin, supporting their view that investors should stay engaged with Coinbase. Decrypt added that John Bollinger, creator of the Bollinger Bands volatility indicator, pointed to a fractal “W” double-bottom pattern on Bitcoin’s daily chart and called it a confirmation of a trend change.
The report also highlighted potential upside drivers beyond spot trading, including Coinbase’s Base layer-2 network. Decrypt said retail derivatives and prediction markets round out the revenue base, with retail derivatives crossing $200 million annualized in the first quarter, while Piper Sandler kept a neutral view and cut its price target to $155 from $170, citing concerns around prediction markets and perpetual futures.
Latest closeBitcoin $64,764.85 ▼0.3%