As the year comes to an end, it’s time to reflect on the year we’ve had in the crypto public markets. Though we experienced both highs and lows, overall the market ended a strong high signal with most groups doing well.
So who were the biggest winners of 2024?
- Regulated Exchanges
With the US election heavily favoring crypto, the markets drove premium valuations for the likes of Coinbase, who saw an price increase of 79% this years, adding $23B in equity value and the only other publicly traded crypto exchange, Coincheck.
The crypto investments group as a whole was up a median of 73%, with massive swings depending on the performance of the individual company.
- The Largest Bitcoin Network Operators
The top eight crypto miners were up a median of 63%, while the bottom four crypto miners were down a median of 32%. It has become abundantly clear that only the largest miners will prevail due to the capital intensive nature of these businesses.
- Newly Listed Companies
Coincheck was newly listed this year after closing on their de-SPAC, and while down from initial listing, they are still trading at a robust $1B EV with a 14.4x multiple of revenue. Exodus also was uplisted this year and saw a massive uptick in value, adding $670M in equity value and finally trading a multiple in line with their business of 8.8x.
