William Blair: Coinbase Stock Price Post-Selloff 'De-Risks,' USDC Growth a Boon to Its and Circle's Prospects

On April 13, The Block reported that investment bank William Blair has released a note stating Coinbase shares exhibited "risk-off" behavior following a first-quarter sell-off. The crypto exchange’s stock remains roughly 60% below its July 2025 all-time high of $445. The report notes market expectations for weak Coinbase trading volume and revenue are already priced into its shares. Its "all-in-one trading platform" suite—covering derivatives, staking, stock trading, and prediction markets—is boosting the firm’s competitive edge. A key bullish catalyst is the growth of USDC. Data shows the stablecoin’s share of the $300 billion stablecoin market has risen from around 21% in 2024 to roughly 27% currently, consistently gaining market share from Tether’s USDT. William Blair argues widespread USDC adoption is mutually beneficial for Coinbase and its issuer, Circle, and remains optimistic on Circle’s outlook. Additionally, the report labels a sustained crypto market downturn over the next one to two years a "low-probability event," adding Coinbase would deliver "asymmetric upside potential" should the market rebound.