William Blair initiated coverage of Coinbase Global (NASDAQ:COIN) with an Outperform rating, calling the crypto exchange the best-positioned company to capitalize on what it sees as a transformative period for digital assets.
Cryptocurrency industry is entering a new phase of consistent regulation and expanding use-cases, with Coinbase emerging as the best way for growth investors to participate in a crypto renaissance, analyst Andrew Jeffrey said.  
Analyst described the company as more than just a crypto trading platform, pointing to its broader ecosystem including self-custody wallets, staking, and its Base blockchain, which aims to onboard 1 million developers and 1 billion users.

The long-term importance of Coinbase’s subscriptions and services segment, includes offerings like stablecoins, staking, custody for ETFs, and Coinbase One.
Stablecoins is seen as the future of cross-border commerce, as per analyst, adding that subscription revenue growth could become the key driver for long-term shareholders.
WB argued that Coinbase’s “comprehensive crypto services portfolio” is underpinned by trust and security—two factors he considers essential to the creation of an onchain economy that could eventually rival traditional financial systems in lending, borrowing, and payments.
Valuation-wise, Coinbase trades at 16.7 times estimated 2026 EBITDA, a nearly 50% discount to an average of high-growth fintech peers.

William Blair sees scope for the stock to re-rate to a high-20s multiple, supported by what it sees as durable revenue, free cash flow, and return on capital growth.
Risks flagged include crypto trading volatility, regulatory uncertainty, cyber threats, and Coinbase’s reliance on key individuals and partners.