William Blair: Coinbase pullback mitigates risks, USDC growth boosts prospects.

Investment bank William Blair stated that after a roughly 26% drop in its share price from its peak in the first quarter, Coinbase has largely de-risked, and market expectations of weak trading volume and revenue have been fully reflected in the share price. Analysts pointed out that although first-quarter trading data was weak, its impact on market sentiment was limited, and the company is strengthening its competitiveness through a "comprehensive trading platform" strategy encompassing derivatives, staking and stock trading, and prediction markets. The report emphasizes that the continued growth of the stablecoin USDC is a core positive factor, with its market share rising to approximately 27%, a significant increase from approximately 21% in 2024, and continuing to gain market share from USDT. William Blair believes that USDC's expansion brings synergistic benefits to Coinbase and its issuer, Circle, and is optimistic about the latter's long-term value in stablecoin payment and trading scenarios. Meanwhile, institutions believe the probability of a prolonged crypto market downturn is low, and Coinbase possesses "asymmetric upside potential" during market recovery. (The Block)