COIN
A bull case with a long fuse
William Blair is leaning bullish on Coinbase, arguing the crypto market may be close to a bottom. The real kicker? The firm thinks trading activity could rebound in 2027, which is a fancy way of saying Coinbase’s business may not fully wake up until the party in crypto starts again.
Why you should care
Coinbase lives and dies by trading volume. When retail and institutional folks are swapping tokens like they’re Pokémon cards, the company prints. When crypto goes quiet, so does the growth story.
- William Blair sees the stock as an outperformer
- The firm’s thesis depends on a crypto recovery
- Coinbase investors are still very much betting on the cycle, not just the current quarter
The catch
A 2027 rebound is not exactly tomorrow morning. So while the call is encouraging for bulls, it also reminds you that Coinbase may be more of a macro bet on crypto liquidity than a clean, near-term fundamentals story.
Big picture: if crypto really is near a bottom, Coinbase could get a nasty little glow-up later on. If not, the stock may keep acting like a roller coaster with no seatbelts.