ChainCatcher 消息，投行 William Blair 表示，在一季度股价自高点回落约 26% 后，Coinbase 已基本完成风险出清（de-risked），市场对其交易量与收入疲软的预期已充分反映在股价中。
分析师指出，尽管一季度交易数据偏弱，但对市场情绪影响有限，且公司正通过衍生品、质押及股票交易、预测市场等“全能交易平台”布局增强竞争力。报告强调，稳定币 USDC 的持续增长是核心利好，其市占率已升至约 27%，较 2024 年的约 21% 明显提升，并持续从 USDT 手中夺取份额。
William Blair 认为，USDC 的扩张为 Coinbase 及发行方 Circle 带来协同收益，并看好后者在稳定币支付与交易场景中的长期价值。同时，机构认为加密市场长期低迷的情景概率较低，Coinbase 在市场复苏中具备“非对称上行空间”。
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