William Blair reduced its financial estimates for Coinbase, citing weaker-than-expected crypto trading activity. The firm cut its 2026 revenue estimate by 12%. It cut its 2027 revenue estimate by 13%. William Blair lowered its adjusted EBITDA projections by 34% for both 2026 and 2027.
Despite the lowered forecasts, William Blair reiterated its "Outperform" rating on Coinbase's stock. Analysts believe the crypto bear market is approaching a bottom. They project Coinbase's earnings will trough in the second half of 2026. Earnings are expected to rebound in 2027. The firm remains optimistic due to stabilizing bitcoin prices. New revenue streams also contribute to this optimism. These include Coinbase's Base Layer 2 network, retail derivatives, and prediction markets.