🧠 Food for thought

Implications, context, and why it matters.

CoinGecko’s 72% revenue jump raises valuation questions as traffic collapses

• CoinGecko grew revenue 72% in 2024 while bootstrapped (built without external venture capital) and profitable 1, monetization held up despite a 57% traffic drop to 18.5 million monthly in December 2025 per Similarweb.
• An expanding API line and Decentralized Exchange (DEX) data set 1 can bring recurring revenue not dependent on consumer traffic.
• With no revenue multiples or Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margins disclosed, a US$500 million valuation needs strong Business-to-Business (B2B) API income offsetting traffic losses, or buyers betting on consolidation with CoinGecko’s infrastructure.
• The timing overlaps with crypto mergers and acquisitions at US$8.6 billion across 133 deals in 2025 per PitchBook, as exchanges like Coinbase plus Kraken buy specialized infrastructure to build platforms.

API providers can capture demand as crypto data sites lose half their traffic

• CoinGecko and CoinMarketCap each lost over 50% of traffic per Similarweb, which opens room for crypto market data API vendors to win enterprise buyers needing reliable feeds for trading platforms plus dashboards.
• CoinAPI, a market data API with a unified schema for hundreds of exchanges 2, plus Crypto APIs, a blockchain infrastructure API supporting 50+ blockchains 3, can serve quant teams and trading systems spanning venues requiring standardized data.
• Fragmented markets with inconsistent formats across venues and limited order book depth (the number of buy-sell orders across price levels) 2 push trading platforms plus portfolio apps to use specialized API providers instead of consumer aggregators losing traffic.