Coinbase, Gemini, and Bullish Shares Drop 55% Due to Declining Trading Volumes

Public cryptocurrency exchanges Coinbase, Gemini, and Bullish are facing tough times. Over the past three months, their shares have fallen by 55% due to a mass exit of retail investors.

Trading volumes in digital assets are decreasing as Bitcoin and other cryptocurrencies rapidly lose value.

“When prices rise, people don’t want to miss out and start trading. But when the situation changes, it becomes harder to keep them engaged,” said Peter Christiansen from Citigroup.

According to Owen Lau from Clear Street, Coinbase’s trading activity in Q4 2025 fell by 40% compared to 2024, totaling $264 billion. He also noted that January’s figures were even worse, as the platform earned half as much as in the same quarter last year.

Meanwhile, Lau said that Bullish, which primarily serves institutional clients, saw trading activity decline by 28% in January compared to last year.

Gemini is also experiencing losses. John Todaro from Needham & Co. stated that the exchange had hoped to break even by 2027, but now this is expected in 2028.

Experts note that the issue is not just falling Bitcoin prices. Shares of cryptocurrency-related companies are also suffering because investors are exiting the tech sector as a whole. People are nervous about AI costs, worried about news of global tensions, and tired of losing money. Because of all this, people are simply avoiding risk.

See also: "Binance to buy $1 billion worth of bitcoin for stabilization fund"

#Coinbase #Shares #Gemini

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