BlockBeats news, on April 13, according to The Block on April 13, investment bank William Blair released a report stating that Coinbase's stock price, following a first-quarter sell-off, has become "de-risked." Currently, Coinbase's stock price remains approximately 60% below its historical peak of $445 in July 2025.
The report notes that market expectations for Coinbase's weak trading volume and revenue are already reflected in its stock price. Its "all-in-one trading platform" product line—including derivatives, staking, stock trading, and prediction markets—is strengthening its competitive advantage.
The key bullish factor is the growth of USDC. Data shows that USDC’s share of the $300 billion stablecoin market has risen from approximately 21% in 2024 to around 27% today, continuously gaining market share from Tether’s USDT.
William Blair believes that the widespread adoption of USDC is mutually beneficial for Coinbase and its issuer, Circle, and expresses optimism about Circle’s prospects. Additionally, the firm considers prolonged market weakness in the crypto space over the next one to two years a “low-probability event,” and states that if the market recovers, Coinbase will offer “asymmetric upside.”