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

Quick TakeNearly $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 issuancesCoinbase 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)