͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Forwarded this email? Subscribe here for more

Coinbase and Galaxy Executives Say “Bullish” — Their Actions Tell a Different Story

Actionable Market Insights

10x Research

Feb 13

∙

Preview

READ IN APP

Why this report matters

Coinbase and Galaxy Digital shares have declined by −38% and −19% in 2026, marking one of their weakest starts to a year on record. This sharp divergence has left shareholders questioning the disconnect between falling equity valuations and executives’ continued emphasis on an increasingly favorable U.S. regulatory and political environment for crypto.

The election of a pro-crypto president, a regulatory-friendly SEC chair, and the passage of landmark legislation such as the GENIUS Act have reinforced the view that the U.S. is positioning itself as the global center of digital asset innovation. Throughout 2025, U.S. crypto executives publicly reinforced this optimism, emphasizing that these developments were laying the foundation for a prolonged bull market. But beyond the optimistic messaging on CNBC, are their actions truly aligned with a bullish outlook?

Accumulated Insider Selling by Coinbase and Galaxy Insiders $ millions

Subscribe to 10x Research Market Updates to unlock the rest.

Become a paying subscriber of 10x Research Market Updates to get access to this post and other subscriber-only content.

A subscription gets you:

	Save Time: Our reports deliver the most critical insights in just 5-10 minutes—no endless searching or guesswork. Feel informed about what truly matters.
	Proven Process: Insights are backed by a disciplined morning investment meeting, ensuring data, news, and catalysts are expertly analyzed.
	Fast, Actionable Updates: Receive 2-4 concise, actionable reports each week—delivered straight to your inbox.