The total market capitalization of public crypto stocks has quadrupled since January

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The combined market capitalization of publicly traded crypto companies has roughly quadrupled this year, while the number of public digital asset companies has increased by 28% over the same period.

A new report from CoinShares estimates that public pure cryptocurrency companies were worth around $ 25 billion at the start of the year, with mining companies and financial services providers accounting for the lion’s share of the value.

As the report notes that 16 digital asset companies went public this year, bringing the number of public crypto companies to 57 public companies, the combined capitalization of those companies has skyrocketed to nearly $ 100 billion.

This year has already seen the largest influx of public crypto companies of any calendar year, followed by 2018 with 14. Only three companies went public in 2014, 2016, and 2017 respectively.

Number of crypto companies that go public each year: CoinShares

The report highlighted the April Initial Public Offering (IPO) by the leading US-based centralized exchange, Coinbase, describing the offering as the first true large-cap pure play in the industry.

In the midst of Coinbases’ IPO in April, the capitalization of public digital asset companies hit a record high of nearly $ 120 billion. In contrast, the combined market capitalization of the sectors was below $ 3 billion at the start of 2020.

The 15 public crypto exchanges now account for 62% of the combined industry capitalization at around $ 59 billion, followed by 19 financial services companies with nearly $ 20 billion and 20 mining companies with $ 10 billion.

Public mining companies posted the biggest gains since the start of the year (YTD) with 121% on average, followed by crypto financial services companies with 105% and exchanges with just 34%.

Crypto companies that went public in 2016 saw the largest share price increases this year, posting an increase of around 140% on average. Then, the 2018 cohort ranks second in cumulative gains with 115% on average, followed by 2017 with around 110% and 2019 with 95%.

Companies in the 2020s have currently only grown by 19% on average, with the report suggesting that most of those companies were already issued at higher valuations.

Current Year Average Performance of Public Crypto Shares by Listing Year: CoinShares

CoinShares also notes that the average capitalization of public crypto companies has grown significantly this year, from $ 1.1 billion in 2019 and 2020 to $ 3.8 billion.

Related: Reports Suggest Consumer Tech Giant Holds Coinbase Shares

The liquidity of public crypto stocks has also increased significantly this year, with most stocks representing less than $ 500,000 in daily volume through the end of 2020.

While only two of the 23 listed crypto companies were considered liquid at the end of 2019, the figure rose to 20 out of 41 in December 2020 and to 48 out of 57 in July 2021.

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