Coinbase Surges as BitMEX and BitMart Announce Shutdown Plans

Crypto exchange closures sent shockwaves through the market on Monday, but not all stocks reacted equally.

Coinbase (COIN) was among the biggest gainers, rising nearly 6% after BitMEX and BitMart announced plans to shut down. The move drew attention to larger exchanges that have weathered different market conditions, with investors flocking to companies they see as stable names in the market.

GEMI stock also closed higher, although its gain was much smaller than Coinbase's. GEMI has a market value of about $562 million and reports negative earnings per share of $9.95.

Bullish, on the other hand, fell nearly 5% as investors remained selective in their buying despite the sector news. The company has a market value of around $3.43 billion and also reports negative earnings per share of $6.60.