Bullish (BLSH) Stock Rises as Exchange Overtakes Coinbase for Third Place in Spot Volume

TLDR

• Bullish (BLSH) spot trading volume surged 62.6% in February to $76 billion, its highest since October 2025.
• The platform overtook Coinbase (COIN) to become the third-largest centralized crypto exchange by spot volume.
• Bullish now holds a 5.06% spot market share, ahead of Coinbase’s 4.59%.
• Overall centralized exchange activity fell 2.41% in February to $5.61 trillion, the lowest since October 2024.
• Binance remains number one but its market share hit its lowest point since October 2020.

Bullish ($BLSH), the institutional-focused crypto exchange that went public on the New York Stock Exchange last year, has moved into the top three global crypto exchanges by spot trading volume for the first time.

Bullish, BLSH

The milestone came in February, when the platform posted $76 billion in spot trading — a 62.6% jump from the month before.

That surge pushed Bullish’s market share to 5.06%, up 2.04 percentage points from January. It was enough to leapfrog Coinbase ($COIN), which ended the month with a 4.59% share.

BLSH stock ticked up 1.25% on the news, while COIN rose 1.07%.

The February volume was Bullish’s highest monthly total since October 2025, and it came during a month when the broader market was fairly quiet.

Bitcoin spent much of February trading in a range between $60,000 and $70,000. That narrow price band tends to limit speculative trading, which can drag volumes down across the board.

Total combined spot and derivatives trading across all centralized exchanges fell 2.41% in February to $5.61 trillion — the lowest figure recorded since October 2024.

Spot trading alone dropped 3.01% to $1.50 trillion. Derivatives fell 2.41% to $4.11 trillion, making up 73.2% of all centralized exchange activity.

Institutional Focus Shields Bullish From Slowdown

Bullish’s model is built around institutional clients rather than retail traders. That appears to have helped it hold volume even as retail-driven platforms saw activity fall off.

The exchange has also been expanding its product offering. It recently launched prediction market trading, a feature some other platforms have added to attract more activity during slow periods.

Analysts on Wall Street currently have a Moderate Buy consensus on BLSH, based on four Buy ratings and two Hold ratings over the past three months. The average 12-month price target sits at $48.17, implying around 29.5% upside from current levels.

Binance Still on Top, But Grip Is Loosening

Binance remains the clear leader. It recorded $331 billion in spot trading volume in February, translating to roughly 22% market share.

But that 22% figure is actually Binance’s lowest monthly market share since October 2020. The data suggests trading activity is becoming more spread out across competing platforms.

Data for February comes from CCData via CoinDesk’s February Exchange Review.

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