William Blair maintained its Outperform rating on both Coinbase and Circle despite significant cuts to its financial projections. The firm reduced Coinbase’s 2026 revenue estimates by 12% and 2027 forecasts by 13%, with EBITDA projections slashed by 34% across both years. Analysts project trading volumes on the platform will fall 44% in 2026 to $669 billion, before rebounding 32% in 2027. Despite these challenging prospects, William Blair believes the worst is already priced in and is betting on an asymmetrical risk/reward profile, as well as USDC stablecoin growth, which has increased its market share from 21% in 2024 to approximately 27% as of April 2026.
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