In this issue of Coin Metrics’ State of the Network, we break down the key metrics for evaluating these exchanges and note some disclaimers about using data reported by exchanges.
Key Takeaways
- Kraken, Gemini and Bullish are preparing to go public amid a favorable regulatory backdrop and investor appetite for public market exposure.
- Coinbase’s 2021 IPO set the benchmark, debuting at a $65B. At the time, 96% of their revenues came from transaction fees on trading, with subscription and services revenue now making up 44% in Q2 2025.
- Among IPO candidates, Coinbase still leads with 49% of spot volume. Bullish and Kraken hold 22% each, and are rapidly expanding into new services.
- Not all reported volume is created equal. Round-trip trade analysis highlights inflated activity on some platforms and underscores the need to evaluate exchange quality and transparency.
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