Coinbase Leads Crypto Stocks as BitMEX and BitMart Announce Shutdown

Crypto stocks experienced mixed results on Monday after BitMEX and BitMart announced plans to shut down. However, one exchange stood out from the rest - Coinbase (COIN). The company's shares rose nearly 6% during the session, with a peak price of $167.87 before closing at $167.49.

This strong performance was likely due to investors' perception that larger and more established exchanges like Coinbase will benefit from users moving away from smaller platforms. Coinbase's market value has surpassed $44 billion, and it trades with a high price-to-earnings ratio of 63.64.

GEMI stock also closed higher on Monday, rising by 16 cents to $4.45, although the gain was much smaller than Coinbase's. Bullish, on the other hand, fell nearly 5%, showing that investors remained selective despite the sector news.