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

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

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