William Blair: Coinbase, Circle Shares Positioned for Crypto Recovery

William Blair's call is a reminder that sell-side views on crypto equities increasingly hinge on stablecoin economics rather than trading volumes alone. Trimming Coinbase's EBITDA estimate while still flagging an attractive entry point suggests the firm sees cost or revenue pressure near term but a broader recovery ahead. Circle's fate is now tied to USDC supply growth, making stablecoin adoption the variable that matters most. Whether that growth actually materializes, and whether Coinbase's estimate cuts prove temporary, is the open question.