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Institutional researchers at William Blair say Coinbase stock (COIN) is positioned for a rebound next year despite shortcomings over the past few months. The asset has plunged over 30% since January, alongside major crypto stocks posting similar numbers. Crypto stocks are assets that typically move in tandem with Bitcoin (BTC).
William Blair Adjusts Coinbase Revenue Estimates
In a new research note, the Chicago-based investment bank slashed its 2026 estimates for the asset, as risks remain. The firm lowered revenue projections by 12% this year and adjusted EBITDA projections by 13%.
Trading volumes are also tipped to decline further, to approximately $669 billion, or 44%. Basically, Coinbase will face major headwinds if current market conditions intensify.
COIN is down 30% since January, with no major positive breakout expected in the coming months. The decline is linked to the broader crypto market downturn, during which Bitcoin has shed over 20% in the same period. The top crypto is also down over 30% since its all-time high above $125k in 2025.
As a crypto stock, institutional offloads from Bitcoin affected the exchange stock market, marked by declining trading volumes. While liquidations persist, the plunge in COIN and other crypto stocks continues to highlight the correlation between the two markets.
 
However, William Blair analysts led by Andrew Jeffrey and Adib Choudhury noted that though earnings will plunge further, they would pick up in 2027. This projection also coincides with a similar forecast for the crypto market as bulls aim to wipe out previous losses.
Furthermore, the recovery differs from the 2022 dip because of high whale activity. Spot Bitcoin ETFs and other institutional products have fueled faster recoveries since their launch.
These products have opened a new investment channel and spurred billions in capital into Bitcoin, with several companies increasing their exposure. Retail drivers are not excluded from the rebound, although whales are expected to lead the uptick.
Analysts stressed that investors should remain with the largest crypto exchange in the United States by volume, holding its “outperform” rating.
Meanwhile, its Base layer 2 network is another catalyst for a perceived surge. According to the report, the derivatives market is expected to grow over the next few quarters. Retail derivatives moved past $200 million in the first three months.
With trading sentiments moving slightly upwards after weeks of sideways trading, crypto stocks are in a bullish position to hit previous highs.