Why Analysts Aren’t Worried About Coinbase’s 30% Drop
DECRYPT ·
William Blair cut its 2026 and 2027 EBITDA estimates for Coinbase by 34% and reduced revenue forecasts by 12–13%, yet maintained an outperform rating, saying earnings should trough by year-end before a 2027 rebound. Coinbase and Circle shares rose roughly 3–4% each on Wednesday after William Blair said key risks are already priced in and both stocks carry strong upside exposure to a Bitcoin recovery; COIN has fallen nearly 30% this year, CRCL about 20%. John Bollinger, creator of the Bollinger Bands volatility indicator, flagged a fractal "W" double-bottom on Bitcoin's daily chart—calling a completed pattern "a confirmation of a change in trend." The numbers got worse. The stocks went up. Coinbase (COIN) and Circle (CRCL) each rose roughly 3–4% on Wednesday after William Blair—a Chicago-based investment bank founded in 1935 that most equity investors know from tech and growth coverage— released a note slashing its revenue and earnings forecasts for Coinbase while keeping its “outperform” rating. The read in TLDR terms is that the pain is already in the price. “We think investors should stay involved in Coinbase,” the firm said .
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