July 19, 2021, 4:36PM EDT
• 6 min read

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

Quick Take

  • Nearly $1 out of every $5 of venture funding globally went into Fintech in 2Q 2021; interestingly, nearly 20% of all Fintech funding (~$6.2B) came from Crypto & Blockchain industry segments, a significant increase in the average share of fintech funding from 2019-2020 of just ~6.5%
  • In 1H’21 more than $5 billion was raised through public capital markets activity, largely driven by PIPEs and new debt capital markets issuances
  • Coinbase is currently trading at 8.5x the current street consensus 2021 revenue estimate of $6.1B. That’s a meaningful discount to the 14x FY’21 revenue multiples the company commanded the first week of trading, and significantly discounted relative to other pure-play public companies like Silvergate Capital (~17x FY’21 Rev)

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