William Blair: Coinbase's stock price is "less risky" after the sell-off; USDC growth is beneficial to its and Circle's prospects.

According to a report by The Block on April 13th, investment bank William Blair stated that Coinbase's stock price has become "de-risked" after the first quarter sell-off. Currently, Coinbase's stock price is still down approximately 60% from its all-time high of $445 in July 2025. The report points out that market expectations of weak trading volume and revenue for Coinbase are already reflected in the stock price. Its "all-in-one trading platform" product line (including derivatives, staking, stock trading, and prediction markets) is enhancing its competitive advantage. A key bullish factor is the growth of USDC. Data shows that USDC's share in the $300 billion stablecoin market has risen from approximately 21% in 2024 to approximately 27% currently, continuing to take market share from Tether's USDT. William Blair believes that the widespread adoption of USDC is mutually beneficial for both Coinbase and its issuer, Circle, and is optimistic about Circle's prospects. Furthermore, the continued downturn in the crypto market over the next year or two is a "low probability event," and Coinbase stated that if the market recovers, it will provide "asymmetric upside potential."