Source: Twitter @Second_Lane; Translated by: Deng Tong, Golden Finance
June was the first month of the year where the buyer’s market was clearly active, with requests to purchase assets exceeding the selling price by 75%!
The valuation gap between bid and ask quotes for the same asset fell to 36% from 88% last month.
The June 2024 order is worth $883 million;
The average bid amount was $4.5 million, up sharply from $3.9 million the previous month;
55% premium to the average FDV of the previous round;
Popular projects: Circle, Solana, Scroll, Kraken, Celestia, TON, Pyth, Gunzilla, OpenAI.
57% SAFT and 44% equity transactions;
73% (pre)seed round, 27% A-D round;
70% of transactions belong to the same 5 industries: Blockchain Services, DeFi, Infrastructure, Technology Development, and GameFi.
The transaction amount is 2% lower than the premium in previous rounds;
The transaction amount increased by 10% compared with the previous rounds;
In June, 46% of deals were discounted, 25% were at par, and 29% were at a premium to the previous round;
All deals in June were discounted by an average of 15% from the previous round;
The top 10% of deals were at a premium of 200% or more over the previous round;
The bottom 25% of deals are discounted 40% or more from the previous round.
LP positions in venture capital funds, CEXs, L1s, wallets, GameFi, blockchain infrastructure, and services have the largest discounts;
Blockchain analysis and staking projects have the largest premiums;
The A round has the largest premium, and the seed round has the largest discount.
13% of deals were floated undisclosed at lower valuations ($4.1 billion FDV vs. $7.4 billion for public offerings);
Most private placements were for SAFTs (76%), were at the (pre)seed stage (83%), and involved DEXs, EVMs, and cross-chain solutions.
The average trading period increased to 4 months (buy offers) and 4.4 months (sell offers) until expiration or trade;
60% of transactions have been active for more than 1 month;
Maximum duration:
- Early vs. late rounds: Pre-seed 6.4 months;
- Seed and A rounds take about 4 months, B, C, D rounds take 1+ month.
CeFi, wallets, CEX projects, VC, NFT, blockchain infrastructure.
The average valuation was $9 billion, and the median asking price was $200,000;
2/3 of the buy asks are sold at a discount (40% discount to the previous round or spot on average); 6% are at par; and 25% are at an average premium of more than 80%.
The average valuation was $6.5 billion, and the average bid was $2 million;
40% of deals were sold at a discount (average discount of 45%); 32% were sold at par value; and 29% required a premium (average of more than 270%).