COIN, CRCL Stocks Have ‘Outsized’ Bitcoin Recovery Leverage, Says William Blair

According to William Blair, the main risks facing both companies are already reflected in market expectations.

• William Blair reduced its 2026 and 2027 revenue estimates for Coinbase and cut EBITDA projections by 34% for both years.
• According to William Blair, Bitcoin’s price remains the key catalyst for sentiment across crypto-linked equities.
• Piper Sandler lowered its price target on Coinbase, citing growing competition from perpetual futures and prediction markets.

Shares of Coinbase (COIN) and Circle (CRCL) rose in midday trade on Wednesday after William Blair said the key risks facing both companies are already reflected in investor expectations, adding that each offers "outsized leverage to a bitcoin recovery."

COIN’s stock rose over 2%, while shares of Circle rose nearly 3% in midday trade. On Stocktwits, retail sentiment around both companies trended in ‘bullish’ territory over the past day. While CRCL’s stock saw chatter at ‘high’ levels, Coinbase message volumes trended at ‘normal’ levels.

Meanwhile, Bitcoin’s price was struggling to stay above the $65,000 mark. The apex cryptocurrency rose around 0.5% in the last 24 hours, trading at around $64,900 after hitting an intra-day high of $65,500.