This Top Investment Firm Says the Crypto Market Is Nearing a Bottom. Here's What It Could Mean for Coinbase.

Investment steadfast William Blair precocious chopped its estimates for Coinbase (NASDAQ: COIN), the largest U.S. cryptocurrency exchange. Interestingly, it besides reiterated an outperform standing for Coinbase, suggested that clients enactment invested, and advised that the crypto marketplace could beryllium adjacent its bottom.

Coinbase banal has plummeted implicit the past year, from an all-time precocious of $445 connected July 17, 2025, to $157 arsenic of July 17, 2026. Here are the details connected William Blair's investigation and whether this is simply a bully buying accidental for Coinbase.

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William Blair's outlook connected Coinbase and the crypto marketplace

William Blair reduced yearly gross estimates for Coinbase by 12% successful 2026 and 13% successful 2027. It besides chopped its EBITDA (earnings earlier interest, taxes, depreciation, and amortization) estimates by 34% for some years, and it expects Coinbase's trading measurement to autumn 44% to $669 cardinal successful 2026.

These predictions marque consciousness erstwhile you see Coinbase's dependence connected the crypto marketplace and however the carnivore marketplace has already affected it. Coinbase reported gross of $1.4 cardinal successful Q1 2026, a 31% year-over-year decrease. The crypto speech besides had a nett nonaccomplishment of $394 cardinal that quarter, compared to nett income of $66 cardinal successful Q1 2025.

As a crypto exchange, Coinbase makes a ample information of its gross (54% successful Q1 2026) from transaction fees. During carnivore markets, enthusiasm for crypto fades, less radical privation to buy, and trading enactment drops.

William Blair remains bullish connected Coinbase for a fewer reasons. It believes that the crypto carnivore marketplace is adjacent to a bottommost with Bitcoin prices stabilizing, and that trading volumes volition rebound by 32% successful 2027. The steadfast besides sees the existent concern overmuch otherwise than the lengthy carnivore marketplace that started successful 2022, with Bitcoin ETFs, organization adoption, and the regulatory situation each perchance helping the marketplace retrieve much quickly.

Although Coinbase makes wealth from trading fees, it has developed further gross streams. It present offers tokenized real-world assets (RWAs), prediction markets, and retail derivatives, each of which could marque it a much resilient investment.

Is Coinbase a buy?

This could beryllium a bully buy-the-dip accidental for Coinbase stock, though I'd instrumentality a cautious approach. While Coinbase has branched out, trading fees are inactive its breadstuff and butter. It'll apt proceed to execute champion during bull markets erstwhile investors are excited astir cryptocurrency and trading enactment is high. During carnivore markets, it volition astir apt support underperforming.