Coinbase Could Be Near Bottom, William Blair Says

William Blair, an investment firm, has reduced its estimates for Coinbase's (COIN) revenue and EBITDA for this year and next. It now expects a 12% decrease in annual revenue in 2026 and a 13% decrease in 2027, along with a 34% drop in EBITDA for both years.

The firm also forecasts a significant decline in trading volume, estimating it to fall by 44% to $669 billion in 2026. This is due to Coinbase's dependence on the crypto market and its current bear market performance.

Despite these reduced estimates, William Blair remains bullish on Coinbase, believing that the crypto market is near a bottom with Bitcoin prices stabilizing. The firm expects trading volumes to rebound by 32% in 2027.

It's worth noting that Coinbase has developed additional revenue streams beyond transaction fees, including tokenized real-world assets and prediction markets, which could make it more resilient during bear markets.