William Blair cuts Coinbase earnings forecasts but projects crypto downturn reaching bottom in H2 2026 with recovery in 2027.
Macro & Markets ·
William Blair has reduced its earnings forecasts for Coinbase while signaling that the broader crypto market downturn is approaching its nadir. The firm projects Coinbase's earnings will reach bottom in the second half of 2026, with recovery expected to follow in 2027.
The outlook reflects Blair's view that the current market cycle has entered a phase of contraction that will persist through mid-2026. The timing aligns Coinbase's earnings pressure directly with broader market conditions rather than company-specific challenges.
What remains unclear is the magnitude of Blair's forecast cuts, whether the projection accounts for regulatory or competitive shifts affecting Coinbase specifically, and which metrics the firm prioritized in its revision. The recovery narrative for 2027 also lacks detail on the drivers Blair expects to fuel the rebound.