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

With the expectation for the crypto industry to gain more publicly-traded companies in the coming quarters — along with companies that already operate predominately within crypto (Galaxy Digital, Silvergate), or larger fintech companies that now offer crypto capabilities (Square and PayPal) — this post is a brief update on our quarterly series that looks at the state of crypto public markets. It offers a brief look at 1Q capital formation and relative valuations among public crypto companies.

For previous public market research, see: 3Q 2020 Earnings Preview: PayPal and OCC clarity put crypto M&A front and center