Last week we published the most up to date listing of blockchain unicorns — both private enterprises and crypto projects currently trading at a market value in excess of $1bn. This week we summarize our observations about the significant changes of just the last six months, and the implications they have for investors. You can listen to the complete report by following this link to the recorded webinar Meet the Blockchain Unicorns — Mid-year 2021.
We have seen an acceleration of value creation in the blockchain sector as well as an increasing number of going public events — both IPOs and SPACs. We are excited that through the Blockchain Coinvestors investment strategy, we now have capital invested in 65% of the blockchain enterprise, and 45% of the crypto project unicorns. See the entire Blockchain Coinvestors portfolio at www.blockchaincoinvestors/portfolio.
Blockchain Enterprise Unicorns
There are now 26 blockchain enterprise unicorns. This period we saw the additions of Dapper Labs, BlockFi, Paxos, Mercado/2TM, Bithumb, Ledger, Upbit, BitPanda, Amber, Animoca, Bitso, and Forte to our list following their recent funding rounds. This after the loss from our list of several unicorns that have now gone public. Blockchain Coinvestors has capital invested in the unicorns shaded in blue.
Importantly, we continue to see an expansion of value in all layers of the blockchain technology stack, and worldwide. The following chart aligns the 26 blockchain enterprise unicorns by their positioning in the technology stack (foundational, transactional or application layer) and by geography. Please note that most of the foundational layer unicorns have chosen to take the crypto project funding route and are discussed below. Since blockchain is to a significant extent about the creation of a functional ‘Internet of Value’, it is not surprising that most of the enterprise unicorns focus on the transactional layer.