The combined capitalization of publicly-traded crypto stocks surged from roughly $25 billion in January to around $100B today.
The combined market cap of publicly-listed crypto firms has roughly
quadrupled this year while the number of public digital asset firms has
increased by 28% over the same period.
A new report from
CoinShares estimates that public “cryptocurrency pure play companies”
were worth roughly $25 billion at the start of the year, with mining
firms and financial service providers representing the lion’s share of
value.
While the report notes that 16 digital asset firms have
gone public this year — increasing the number of public crypto companies
to 57 public companies, the combined capitalization of said firms has
skyrocketed to nearly $100 billion.
This year has already seen the
greatest influx of public crypto firms out of any calendar year,
followed by 2018 with 14. Just three firms went public during 2014, 2016
and 2017 respectively.
The report highlighted the April initial public offering
(IPO) of leading U.S.-based centralized exchange Coinbase, describing
the offering as “the first true large cap pure play in this sector.”
Amid
Coinbase’s April IPO, the capitalization of public digital asset firms
surged to a record high of nearly $120 billion. By contrast, the
sector’s combined market cap was less than $3 billion at the start of
2020.
The 15 public crypto exchanges now represent 62% of the
sector’s combined capitalization at roughly $59 billion, followed by 19
financial services firms with nearly $20 billion and 20 mining companies
with $10 billion.
Public mining firms
have seen the strongest year-to-date (YTD) gains with 121% on average,
followed by crypto financial services companies with 105% and exchanges
with just 34%.
The crypto firms that went public in 2016 have
enjoyed the largest gains in share price this year, posting an increase
of roughly 140% on average. Then 2018’s cohort ranks second by YTD gains
with 115% on average, followed by 2017 with approximately 110%, and
2019 with 95%.
2020’s firms are currently up by just 19% on
average, with the report suggesting that “most of these companies were
already floated at higher valuations.”
CoinShares
also notes that the average capitalization of public crypto firms has
increased dramatically this year from $1.1 billion in 2019 and 2020 to
$3.8 billion.
Related: Reports suggest that a mainstream tech giant holds shares of Coinbase stock
The
liquidity of public crypto stocks has also increased significantly this
year, with most shares representing less than $500,000 in daily volume
until the end of 2020.
While only two of 23 listed crypto firms
were considered liquid at the end of the 2019, the figure jumped to 20
of 41 in December 2020, and 48 of 57 as of July 2021.
source link : https://cointelegraph.com/news/the-total-market-cap-of-public-crypto-stocks-has-quadrupled-since-january
