CMC was acquired earlier, now CoinGecko is seeking to sell: Is the future of crypto data just an accessory for giants?

Insiders reveal that the leading global cryptocurrency market data platform CoinGecko is considering a sale and has hired investment bank Moelis to handle the process. The company is seeking an estimated valuation of around $500 million.

This move comes after a record-breaking year for M&A activity in the crypto industry in 2025, with disclosed deal totals reaching as high as $8.6 billion across 133 transactions, marking a significant market consolidation trend. However, beneath the prosperous M&A scene, data platforms like CoinGecko are facing traffic erosion from AI tools, with monthly visits dropping by more than half within a year. The potential sale not only concerns the fate of a star startup but also reflects profound changes in the crypto data industry amid the dual waves of institutionalization and AI-driven transformation.

CoinGecko Sale Rumors: Industry Shifts Behind the $500 Million Valuation

Recently, a major news broke in the crypto data space. Multiple insiders confirmed to media that CoinGecko, established in 2014, has initiated a sale process and hired renowned investment bank Moelis as financial advisor. It is reported that the company’s desired valuation is around $500 million. Although some sources indicate that the process only started late last year and the final valuation has yet to be determined, the figure of “$500 million” has already caused a stir in the industry.

CoinGecko has remained silent on these rumors, refusing to comment, and Moelis also declined to comment. Such silence is often seen on Wall Street and in tech M&A as a signal of tacit approval or at least that the process is underway. For industry observers familiar with crypto, a sale consideration is not entirely unexpected. Founded by TM Lee and Bobby Ong in Kuala Lumpur, Malaysia, the company has grown from a simple price tracking website into a key data infrastructure serving millions globally, providing APIs for exchanges, wallets, and financial institutions. Its development history is essentially a microcosm of the crypto industry.

The timing of this sale exploration is closely tied to the broader macro environment of crypto capital markets. After a period of dormancy, M&A activity in crypto exploded in 2025. According to PitchBook data, the total disclosed M&A deal value in the industry for the year reached approximately $8.6 billion, with a record 133 transactions. This even surpasses the total of the previous four years, signaling that the market is transitioning from a nascent growth phase into a more mature consolidation stage driven by scale effects, compliance infrastructure, and strategic asset competition.

M&A Wave and AI Impact: Dual Engines Driving CoinGecko’s Sale

The decision for CoinGecko to consider selling is not isolated but driven by two powerful industry trends: the vigorous M&A consolidation and the paradigm shift in traffic caused by AI.

First, the crypto M&A market in 2025 was “frenzied.” Giants no longer rely solely on organic growth but acquire aggressively to fill gaps, expand their footprint, and strengthen moats. Notable examples include Coinbase’s $2.9 billion acquisition of leading crypto derivatives exchange Deribit, and Kraken’s $1.5 billion purchase of trading platform NinjaTrader. Additionally, smaller but strategically targeted acquisitions in payments, data, and infrastructure sectors have been frequent. This M&A boom reflects that, as regulatory clarity increases and institutional participation deepens, companies are competing in a “legion warfare” era, favoring those with full-chain service capabilities and deep data assets. For a high-quality data asset like CoinGecko, seeking a sale at this moment aligns with the market wind, potentially attracting strategic buyers at high valuations.

However, beneath the shiny M&A data lies a undercurrent shaking the foundation of traditional data aggregation platforms—AI proliferation. As AI chatbots like ChatGPT become the primary information source for many, traditional web traffic models face fundamental challenges. This is a structural threat to media and data companies relying on traffic and user attention. Similarweb statistics show this impact vividly on CoinGecko and its main competitors. In December 2025, CoinGecko’s global monthly visits dropped to about 18.5 million, down from 43.5 million a year earlier, a decline of over 57%. As a reference, CoinMarketCap, acquired by Binance, saw its traffic plummet from approximately 157 million to 64 million in the same period.

Key Data Comparing Crypto Data Platform Traffic Decline

CoinGecko Monthly Visits: December 2024 approximately 43.5 million; December 2025 down to approximately 18.5 million.

CoinMarketCap Monthly Visits: December 2024 approximately 157 million; December 2025 down to approximately 64 million.

Traffic Decline: Both leading platforms saw their traffic halved within a year, indicating industry-wide challenges.

Industry Context: AI chat tools now directly answer user queries about prices and info, replacing visits to data websites.

This cliff-like traffic decline forces data platforms to rethink their business models and future value. Pure page views and ad-based models may become unsustainable; value must shift toward underlying structured data APIs, proprietary analytics models, and enterprise-grade data solutions. Selling to a larger platform with more resources, technology, and distribution channels may be one of the most direct and effective strategies to cope with this AI revolution.

Is a $500 Million Valuation Reasonable? A Mirror Comparison with CoinMarketCap Acquisition

When the $500 million valuation appears, the market naturally compares it to Binance’s recent major acquisition—its purchase of CoinMarketCap. In April 2020, Binance, the world’s largest crypto exchange by trading volume, announced the acquisition of CoinMarketCap, then the most trafficked data aggregator. Although the official amount was not disclosed, multiple sources confirmed the total deal was around $400 million, paid in equity and BNB tokens.

Using this four-year-old deal as a benchmark, examining CoinGecko’s current $500 million valuation reveals interesting similarities and differences. Both are top-tier industry brands with significant influence and user bases, serving as key data portals. However, the environment has changed dramatically. In 2020, the crypto market was in the early stages of the last bull run, where traffic was king. Acquiring CoinMarketCap was seen as Binance’s move to consolidate its traffic dominance and achieve synergy between “exchange + data.”

Today, the situation is more complex. As mentioned, retail web traffic’s value is being diluted by AI, reducing key parameters in traditional valuation models. But the industry’s fundamental landscape has also shifted. After another cycle, institutionalization is deeper, compliance stricter, and demand for high-quality, reliable data has expanded from retail to large enterprises. CoinGecko’s API business and its industry authority may hold more long-term value than mere website traffic. Moreover, in 2025, co-founder Bobby Ong publicly announced record revenues and a bonus equivalent to nine months’ salary, indicating healthy profitability.

Thus, the $500 million valuation can be seen as a balance point between “traffic value erosion” and “enterprise data service value enhancement.” It reflects market recognition of the scarcity value of crypto data infrastructure and also embeds expectations of future transformation. Whether the deal can be finalized at this price depends on how potential buyers view CoinGecko’s assets within their strategic puzzle and whether synergies can unlock value beyond independent operation.

What is CoinGecko? From Southeast Asian Garage to Global Data Power

For readers unfamiliar with the crypto data industry, understanding CoinGecko’s origins and growth helps explain why it has become a target for a multi-hundred-million-dollar valuation acquisition. What is CoinGecko? Simply put, it is one of the most popular cryptocurrency data tracking websites and API providers, alongside CoinMarketCap. But its story is full of grassroots entrepreneurship.

In 2014, in Kuala Lumpur, Malaysia, engineers TM Lee and Bobby Ong keenly perceived that the emerging crypto market lacked a comprehensive, reliable data source. They launched the CoinGecko project from a small apartment. Unlike many competitors at the time, CoinGecko from the start not only provided prices and market caps but also innovatively introduced dimensions like “community activity” and “developer contributions,” aiming for a more holistic assessment of project health. This deeper data insight gained early favor among tech enthusiasts and seasoned investors.

Over ten years, CoinGecko has evolved from a simple website into a complex data ecosystem. Its core offerings include: a free data website and mobile app providing real-time prices, charts, and rankings for thousands of cryptocurrencies; and robust API services for enterprise clients such as exchanges, wallets, and fintech firms, relying on CoinGecko’s data to power their platforms. It has also expanded into news, research reports, and NFT market data.

Recently, the company has actively adjusted to challenges. In 2024, it underwent leadership restructuring, with Bobby Ong becoming CEO, TM Lee moving to President, and Cedric Chan appointed CTO to lead technical roadmap and AI integration. This shows a proactive effort to turn AI from a threat into a tool. From a garage startup to a global crypto data “utility,” CoinGecko’s journey exemplifies the infrastructure evolution from rough to professional in the crypto industry.

Potential Buyers and Industry Impact: Who Will Take Over and What Will Change?

If the CoinGecko sale proceeds smoothly, who are the most likely new owners? How will this transaction reshape the competitive landscape of crypto data? These are the hottest speculative topics in the industry.

Potential buyers may include several categories. First, other top-tier crypto exchanges. Although Binance already owns CoinMarketCap, giants like Coinbase and Kraken might seek to acquire CoinGecko to build their own independent data moat, reduce reliance on competitors’ data, and create a full-loop experience from data entry to trading exit. Second, traditional financial data giants like Bloomberg or Refinitiv. For these players exploring digital asset data services, acquiring a well-established brand with a large user base and comprehensive crypto data system is the fastest way to enter the market. Third, large tech firms or investment institutions that see CoinGecko as a key piece in their crypto infrastructure layout.

Whichever side wins, the deal could have profound industry effects. For ordinary users, the most immediate concern is data neutrality. If a data platform is acquired by a vested commercial entity (especially an exchange), will its ranking fairness and objectivity be maintained? After Binance’s acquisition of CoinMarketCap, industry debates never ceased. CoinGecko’s long-standing reputation for independence and transparency is a core trust asset; any buyer must carefully preserve this trust.

For competitors, CoinGecko’s sale signals the further end of the era of independent data platforms. Industry resources will accelerate toward a few giants, shifting competition from product experience to ecosystem strength. This may also spawn new startups focusing on niche segments or decentralized models. In the long run, as the crypto data industry is the “eyes” of the entire digital asset world, its centralization trend and the original decentralized ethos of cryptocurrencies create a subtle tension. Balancing commercial interests, data fairness, and public industry interests will be a key challenge for all participants. CoinGecko’s sale is not just a business deal but a critical window into how the crypto world matures.