The firm lowered Coinbase revenue and EBITDA forecasts for 2026 and 2027 but said spot crypto trading volumes may bottom alongside Bitcoin prices, with revenue potentially recovering in 2027.
William Blair lowered its estimates for Coinbase but maintained an Outperform rating, arguing the crypto trading slowdown may be nearing a bottom. The firm cut its Coinbase revenue forecasts by 12% for 2026 and 13% for 2027, while reducing EBITDA estimates by 34% for both years. It said spot crypto trading volumes may bottom with Bitcoin prices and that revenue could recover in 2027, reinforcing its view that Wall Street sentiment on COIN remains too bearish if crypto-market activity stabilizes and improves.