- June is the first month in the year showing a clear sign of the Buyer’s market with buying requests exceeding selling offers on the assets by 75%!
- Valuation spread between Buy and Sell offers on the same assets dropped from 88% last month to 36%
- $883M in order book value in June 2024
- $4.5M avg offered amount; a sharp rise from $3.9M last month
- 55% average premium to last round FDVs
- top projects: Circle, Solana, Scroll, Kraken, Celestia, TON, Pyth, Gunzilla, OpenAI
- $200k median Buy Ask at an $9B average valuation
- 2/3 of Buy Asks come at discount (40% avg discount to last round or spot); 6% at par; 25% with average premium of 80%+)
- $2M median Sell Offer at $6.5B avg valuation
- 40% of deals offered at discount (45% avg discount); 32% at par; and 29% asked for a premium (avg 270%+)
- 2% drop in deals with premiums to previous rounds
- 10% growth in deals at par to previous rounds
- 46% of deals in June came with discount, 25% at par, and 29% with premium to previous round
- 15% median discount to previous round on all deals in June
- top 10% of deals offered at 200% premium or higher to previous round
- bottom 25% were offered at 40% or greater discount to last round
- largest discounts for LP positions in VC funds, CEX, L1s, Wallets, GameFi, blockchain infrastructure and and services
- largest premiums for projects in blockchain analytics, and staking
- largest premiums for Round A, largest discounts for Seed Round
- 57% SAFT and 44% equity deals
- 73% (Pre-)Seed, 27% Rounds A-D
- 70% of deals attributed to the same 5 sectors: blockchain services, DeFi, infrastructure, tech development, GameFi
- Average deal maturity grew to 4 months on Buy Asks and 4.4 months on Sell offers until expiration or transaction
- 60% of deals are active for over 1 month
- Longest maturity among:
- earlier vs later rounds: 6.4 months for Pre-Seed; ~4 months for Seed & Round A vs 1+ months for Rounds B, C, D
- CeFi, Wallet, CEX projects, VC, NFT, Blockchain infra
- 13% of deals continue to circulate without public exposure, with a lower valuation ($4.1B FDV vs $7.4B FDV on public offers)
- Most private deals came for SAFT (76%) at (Pre-)Seed stage (83%) deals for DEXes, EVM, and cross-chain solutions
Reach out to us for the full May 2024 secondary market report at @Ask100500
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