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Just over a decade ago, digital assets were a theoretical concept, announced to the world through an anonymous white paper. Today, a digital asset exchange is trading on the Nasdaq exchange with a market cap of $62 billion as of 14/4/2021, excluding options and restricted stock units.1 Coinbase’s direct listing represents a watershed moment for the digital assets industry.
Coinbase’s direct listing is the largest listing (IPO, SPAC, or otherwise) of any digital asset company in history, at valuations that reflect a direct competition with traditional exchanges.2 In our opinion, a valuation at this level indicates the full scale of global digital asset adoption by both institutions and individuals.
Source: Factset as of 20/4/2021.
Full year 2020 revenues for Coinbase were $1.28 billion and net income was $322.3 million.3 In its preliminary Q1 2021 results, Coinbase projected 2021 revenues of $1.8 billion and net income within $730 to $800 million.4 These estimates represent a massive spike in growth of both top and bottom-line revenues that exceed their full-year returns for the prior full-year.
With the listing of Coinbase, the market cap of publicly traded pure-play digital asset companies (as defined by MVIS and included in the composition of the MVIS Global Digital Assets Equity) rises to $207.4 billion as of 23/4/2021.5 MVIS defines pure-play digital asset companies as companies which (i) generate at least 50% of its revenues from digital assets projects; (ii) generate at least 50% of its revenues from projects that, when developed, have the potential to generate at least 50% of their revenues from the digital assets industry; and/or (iii) have at least 50% of its assets invested in direct digital asset holdings or digital asset projects. We believe, over the last few years, both revenues and valuations of publicly traded digital asset companies have exhibited strong growth trends.
Source: VanEck, MVIS as of 26/4/2021. Revenues and market cap reflect pure-play digital asset companies as defined by MVIS and included in the composition of the MVIS Global Digital Assets Equity Index on 26/4/2021. The Index was not live prior to 8/3/2021.
*For 2021, market cap valuations represented as of 21/4/2021. For 2021 revenues, VanEck applied a 19% growth rate to 2020 revenues to calculate a forward projection. 19% represents half of the annualized growth rate of revenues of pure-play companies from 2012-2020.
This growth is not happening in a bubble. We view the digital assets industry as a long-term structural growth story. Digital assets are starting to mature, with adoption and support coming from both retail and institutional investors, including MicroStrategy6 and MassMutual7, which have both invested in digital assets.
Although the MVIS Global Digital Asset Equity Index rebalances quarterly, index provider MVIS conducts a weekly review of companies that come to market for potential inclusion in the index. Given the state of the current IPO market, we believe that a fast-track inclusion pathway for newly listed companies would help to provide more complete exposure to digital transformation companies.
If a newly listed company meets the pure-play revenue requirements and closes its first week of trading above the $1 billion total market threshold, then the company will enter the index on the following Friday. This collapses the inclusion timeline to as few as five trading days, with a maximum of 10. Coinbase met the requirements and entered the index after market close on 23 April 2021.
1 Source: CNBC as of 14/4/2021. https://www.cnbc.com/2021/04/14/coinbase-to-debut-on-nasdaq-in-direct-listing.html
2 Source: VanEck.
5 Source: VanEck, MVIS, as of 23/4/2021.
6 Source: https://www.businesswire.com/news/home/20200811005331/en/MicroStrategy-Adopts-Bitcoin-as-Primary-Treasury-Reserve-Asset
7 Source: https://www.bloomberg.com/news/articles/2020-12-10/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin
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This article originates from VanEck (Europe) GmbH, Germany. It is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. VanEck (Europe) GmbH and its associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this article. The article and opinions expressed are current as of the article’s posting date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results. VanEck makes no representation or warranty, express or implied regarding the advisability of investing in securities or digital assets.
Investing is subject to risk, including the possible loss of principal up to total loss.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.
MVIS® Global Digital Assets Equity Index is the exclusive property of MVIS (a wholly owned subsidiary of Van Eck Associates Corporation), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. The VanEck Vectors™ Digital Assets Equity UCITS ETF is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
© VanEck (Europe) GmbH.
This information originates from VanEck (Europe) GmbH which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str. 30, 60486 Frankfurt, Germany, is a financial services provider regulated by the Federal Financial Supervisory Authority in Germany (BaFin). The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. VanEck (Europe) GmbH and its associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of VanEck. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. All indices mentioned are measures of common market sectors and performance. It is not possible to invest directly in an index.
All performance information is historical and is no guarantee of future results. Investing is subject to risk, including the possible loss of principal. You must read the Prospectus and KIID before investing.
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