Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair

Published 22 Sep 2026, 18:53 UTC. Updated 23 Sep 2026, 13:25 UTC.

Blair says COIN offers an attractive entry after a 31% rise, trims its EBITDA estimate and sees USDC growth driving Circle's next leg.

Directly affected

CRCW Crypto
Named in this report.

Indirectly affected

IBIT iShares Bitcoin Trust
This price moves with the crypto market
COIN Coinbase
The crypto exchange moves with trading volumes
MSTR Strategy
This company's value is tied to its bitcoin holdings
MARA MARA Holdings
Bitcoin miners move with the bitcoin price
RIOT Riot Platforms
Bitcoin miners move with the bitcoin price
HOOD Robinhood
Retail trading apps move with crypto volumes
AVL DIREXION SHARES ETF TRUST
GA selected AVL as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
CRCG LEVERAGE SHARES 2X LONG CRCL DAILY ETF
GA selected CRCG as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
CRWG LEVERAGE SHARES 2X LONG CRWV DAILY ETF
GA selected CRWG as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
DFEN DIREXION SHARES ETF TRUST
GA selected DFEN as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

Price reaction, T-5 to T+3

Ticker	T-5	T-3	T-1	T0	T+1	T+2	T+3
CRCW	—	—	—	—	—	—	—
IBIT	—	—	—	—	—	—	—
COIN	—	—	—	—	—	—	—
MSTR	—	—	—	—	—	—	—
MARA	—	—	—	—	—	—	—
RIOT	—	—	—	—	—	—	—
HOOD	—	—	—	—	—	—	—
AVL	—	—	—	—	—	—	—
CRCG	—	—	—	—	—	—	—
CRWG	—	—	—	—	—	—	—
DFEN	—	—	—	—	—	—	—

Blair says COIN offers an attractive entry after a 31% rise, trims its EBITDA estimate and sees USDC growth driving Circle's next leg.

Source: The Block

The price since 22 Sep 2026: Direxion Shares Etf Trust (AVL) versus the S&P 500

Since the first closing price after “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair,” Direxion Shares Etf Trust (AVL) is -12.59%. The S&P 500 fund (SPY) is -0.17% over the same days, a -12.41% difference versus the market.

AVL

SPY

Who gains and who loses around Direxion Shares Etf Trust (AVL)

Companies carried with this story

AVL Direxion Shares Etf Trust
In “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair,” Direxion Shares Etf Trust (AVL) is linked, with no stored direction, medium confidence. Reason on file: GA selected AVL as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
CRCG Leverage Shares 2X Long Crcl Daily Etf
In “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair,” Leverage Shares 2X Long Crcl Daily Etf (CRCG) is linked, with no stored direction, medium confidence. Reason on file: GA selected CRCG as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
CRWG Leverage Shares 2X Long Crwv Daily Etf
In “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair,” Leverage Shares 2X Long Crwv Daily Etf (CRWG) is linked, with no stored direction, medium confidence. Reason on file: GA selected CRWG as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
DFEN Direxion Shares Etf Trust
In “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair,” Direxion Shares Etf Trust (DFEN) is linked, with no stored direction, medium confidence. Reason on file: GA selected DFEN as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
DPST Direxion Shares Etf Trust
Direxion Shares Etf Trust (DPST) is linked, with no stored direction, medium confidence in the 22 Sep 2026 story “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair.” Reason on file: GA selected DPST as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
FAZ Direxion Shares Etf Trust
For “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair,” Direxion Shares Etf Trust (FAZ) is linked, with no stored direction, medium confidence. Reason on file: GA selected FAZ as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

Direxion Shares Etf Trust (AVL)

On 22 Sep 2026, “Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair” is the story that connects Direxion Shares Etf Trust (AVL) to this story.

What ties Direxion Shares Etf Trust (AVL) to the headline is this: GA selected AVL as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

Leverage Shares 2X Long Crcl Daily Etf (CRCG) is here too. Its reason reads: GA selected CRCG as a RELATED security because its canonical security name directly matches this event's themes: shares. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

Dates and price levels for Direxion Shares Etf Trust (AVL)

AVL traded between 30.87 and 41.55 across 20 sessions. The latest close on file is 31.95. CRCG traded between 9.88 and 16.77 across 20 sessions. The latest close on file is 11.26. CRWG traded between 7.83 and 20.60 across 20 sessions. The latest close on file is 8.47.

What the saved facts support for Direxion Shares Etf Trust (AVL)

46 out of 100

“Coinbase, Circle shares positioned for crypto recovery as estimates stabilize: William Blair” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.