Odaily Planet Daily reports that investment bank William Blair stated that, after Coinbase's stock price fell approximately 26% from its peak in the first quarter, the company has largely de-risked, and market expectations of weak trading volume and revenue are already fully reflected in its stock price.
Analysts noted that although first-quarter trading data was weak, its impact on market sentiment was limited, as the company is enhancing its competitiveness by expanding into a comprehensive trading platform featuring derivatives, staking, stock trading, and prediction markets.
The report highlights that the sustained growth of the stablecoin USDC is a key positive, with its market share rising to approximately 27% from about 21% in 2024, continuing to gain ground from USDT.
William Blair believes that USDC's expansion creates synergistic benefits for Coinbase and its issuer, Circle, and sees strong long-term value for Circle in stablecoin payments and trading use cases. The firm also considers the likelihood of a prolonged crypto market downturn to be low, with Coinbase positioned for “asymmetric upside” in a market recovery. (The Block)