William Blair just took a machete to its Coinbase financial projections, trimming 2026 revenue estimates by 12% and 2027 estimates by 13%. The firm also cut EBITDA forecasts by a brutal 34% for both years, pointing to persistently weak trading volumes across the crypto market.
Here’s the twist: William Blair still rates Coinbase an Outperform.
The numbers behind the downgrade
The July 15 analyst note landed while Coinbase shares sat at $161.50, a price that represents a 58% decline over the past year.
The revisions trace back to Coinbase’s Q1 2026 earnings report, which was, to put it diplomatically, a miss. The company posted $1.41 billion in revenue against a consensus expectation of $1.52 billion. It also reported a loss of $1.49 per share.
