1Q'21 crypto public markets overview: capital formation and relative valuations

Quick Take

  • Introducing The Block Research new comp sheet for the crypto equity and governance token universe.
  • In 1Q’21 nearly $2 billion was raised through public capital markets activity, largely driven by PIPEs.
  • Public crypto companies in 2021 have raised 10x the amount of capital vs 2020 raises.
  • Coinbase is currently trading at 14x the current street consensus 2021 revenue estimate of $4.84B. That’s a meaningful discount to the 24-25x FY’21 revenue multiples that both Silvergate and Voyager currently command.
A look at 2021 public capital markets activity among crypto companies and valuations across the crypto equity and governance token universe.

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