Svmuu News Investment bank William Blair stated that after its stock price fell approximately 26% from its high in the first quarter, Coinbase has largely completed its de-risking process. Market expectations for weak trading volume and revenue are already fully reflected in the stock price.
Analysts pointed out that despite weak trading data in the first quarter, the impact on market sentiment is limited. Furthermore, the company is enhancing its competitiveness through its "all-in-one trading platform" strategy, which includes derivatives, staking, stock trading, and prediction markets.
The report emphasized that the sustained growth of the stablecoin USDC is a core positive. Its market share has risen to about 27%, a significant increase from approximately 21% in 2024, and it continues to capture share from USDT.
William Blair believes that the expansion of USDC brings synergistic benefits to both Coinbase and its issuer, Circle. It is also optimistic about Circle's long-term value in stablecoin payment and trading scenarios. Simultaneously, the institution considers the probability of a prolonged downturn in the crypto market to be low, and Coinbase possesses "asymmetric upside potential" in a market recovery. (The Block)