Bullish (BLSH) has surpassed Coinbase Global (COIN) to become the third largest cryptocurrency exchange in the world.
The growth of Bullish is particularly impressive given that the crypto exchange caters exclusively to institutional investors and does not deal with individual retail investors.
Coinbase, whose customer base is largely individual investors, has seen trading activity on its exchange slow dramatically as cryptocurrency prices have fallen over the past six months.
Spot trading volumes on Bullish, in contrast, have grown 63% year-over-year to $76 billion U.S. as institutions remain engaged with crypto despite the price drops.
The growth has lifted Bullish’s market share to 5%, up two percentage points and making it the third-largest centralized cryptocurrency exchange by spot trading volumes.
The increase has pushed Bullish, which went public in 2025, ahead of Coinbase Global, which now has a 4.59% global market share.
The shifting order of crypto exchanges comes as Bitcoin (BTC), Ethereum (ETH), and other digital assets have seen their prices cut in half since last summer.
Privately held Binance remains the world’s dominant cryptocurrency exchange with a 22% market share.
Bybit is the second-largest cryptocurrency exchange with a worldwide market share of 9.3%.
BLSH stock has declined 47% since the company’s market debut last August and is now trading at $37.19 U.S. per share.
