Not just Coinbase, these native crypto listed companies are also worth paying attention to

This article is an original piece by Chain Catcher, authored by Echo and edited by Gu Yu.

Coinbase is about to go public, and as a milestone event in the industry, it has attracted the attention of almost everyone in the crypto world.

For a long time, the crypto world and the traditional financial world have been distinctly separate, especially as many financial institutions have questioned and criticized crypto assets. With the ongoing bull market in crypto assets, Coinbase's listing further opens the door for the traditional financial world to enter the crypto world, marking the recognition of crypto assets and their trading ecosystem by the mainstream financial industry.

Prior to this, many listed companies attempted to transition to Bitcoin concept stocks by developing blockchain technology, purchasing mining machines, and buying Bitcoin, becoming an important avenue for many stock market investors to invest in the crypto ecosystem. Their stock prices often surged, but most were still in the early stages and heavily speculative, with uncertain futures.

However, according to Chain Catcher's research, Coinbase is not the first native crypto company to go public. At least eight native listed companies, including CoinShares and Banxa, have already been listed on various exchanges in different countries, primarily on the Toronto Venture Exchange, with businesses involving mining machines, asset management, payments, trading, etc. This reflects the comprehensive expansion of crypto enterprises in various ecological directions, including several companies with market capitalizations exceeding $1 billion.

Therefore, Chain Catcher has compiled information on eight native crypto listed companies, outlining their business lines and development status, and selecting important financial information based on their financial reports, as follows:

1. Coinshares

CoinShares was founded in 2013, primarily providing qualified investors with exposure to crypto assets. In 2014, it launched the world's first regulated Bitcoin investment fund and subsequently issued nine types of crypto asset-based ETP products on several exchanges, including the Deutsche Börse. In early April this year, CoinShares also jointly launched a Bitcoin ETF product in Canada with 3iQ Corp.

Currently, CoinShares has two main business segments: passive products and capital markets. CoinShares' passive products provide ETPs that track the prices of specific digital assets, offering clients exposure to digital assets such as BTC, ETH, LTC, and XRP; the capital markets business focuses on trading activities, providing trading liquidity for the aforementioned ETP products and conducting hedging trades.

As of February 19, 2021, CoinShares managed assets worth $4.56 billion, including 70,185 BTC and 655,211 ETH, making it the largest crypto asset management company in Europe and the second largest in the world after Grayscale.

In March this year, CoinShares officially went public on the Nasdaq Nordic market in Sweden. Based on the closing price on April 13, CoinShares currently has a total market capitalization of $712.4 million.

According to public financial reports, CoinShares had total revenue of $47.9 million in 2020, a year-on-year increase of 58%; total profit was $25.73 million, a year-on-year increase of 110%; total assets reached $2.7 billion, a year-on-year increase of 292%.

2. Banxa

Banxa primarily provides fiat compliance solutions for crypto exchanges, wallets, and other crypto asset businesses, enabling instant conversion between fiat and crypto assets. Currently, Banxa collaborates with several exchanges, including Binance, Huobi, and MEXC, providing fiat channels that allow users to directly purchase cryptocurrencies using AUD, GBP, EUR, and more.

In January 2020, Banxa raised $2 million in Series A funding, led by NGC Ventures. In July of the same year, Banxa announced it had completed a $2 million Pre-IPO round of financing, led by OK Group, with participation from the Australian Securities Exchange (ASX) and listed company Thorney Investment Group Australia.

Banxa went public via a reverse merger on the Toronto Venture Exchange in December 2020, and subsequently listed on the Frankfurt Stock Exchange and the US OTCQX market. Based on the closing price on March 13, Banxa currently has a total market capitalization of $252 million.

According to public financial reports, Banxa's revenue in the fourth quarter of last year was AUD 4.5 million, a year-on-year increase of 228%. It achieved a gross profit of AUD 900,000, a year-on-year increase of 71%, with a net loss of AUD 500,000, a year-on-year decrease of 62%. In the first quarter of this year, Banxa processed a total transaction volume of $157 million, a year-on-year increase of 793%, with the number of B2B clients reaching 63.

3. Galaxy Digital

Galaxy Digital is a comprehensive crypto company that positions itself as an "investment bank" and "the Goldman Sachs of the cryptocurrency space," primarily encompassing five business directions: asset management, proprietary trading, trading, consulting, and mining.

In asset management, Galaxy Digital primarily helps clients hold crypto assets in fund form, with managed funds including the Galaxy Bitcoin Fund and the Galaxy Benchmark Crypto Index Fund. In December last year, Galaxy Digital partnered with globally renowned asset management company CI Financial to launch the CI Galaxy Bitcoin Fund and recently applied to the SEC for a Bitcoin ETF.

As of March 22 this year, Galaxy Digital's assets under management reached $1.24 billion.

In terms of investment, Galaxy Digital has invested in projects including Ripple, NuCypher, Block.one, Fireblocks, BitGo, Bakkt, and BlockFi, with 12 investments made in the first quarter of this year, totaling investments in approximately 60 companies.

In August 2018, Galaxy Digital went public through a reverse merger with a company listed on the Toronto Venture Exchange. According to public financial reports, the company achieved a net income of $380 million in 2020, a year-on-year increase of 1396%. Based on the closing price on April 13, Galaxy Digital currently has the highest market capitalization among the companies listed in this article, at $2.91 billion.

4. Voyager Digital

Voyager Digital is a cryptocurrency brokerage that helps users quickly enter the crypto trading market and purchase cryptocurrencies by connecting to several cryptocurrency exchanges. Specifically, Voyager Digital provides investors with a one-click solution for trading crypto assets, offering crypto asset trading, wallet, and custody services through its institutional-grade open architecture platform. Currently, the platform supports over 50 digital assets.

On February 13, 2020, Voyager Digital announced the acquisition of retail digital asset business Circle Invest, adding over 40,000 retail accounts to Voyager's customer base. To facilitate this, Voyager issued common stock to Circle, representing about 4% ownership of the company.

In February 2019, Voyager went public through a reverse merger on the Toronto Stock Exchange's Venture Exchange, and in April of the same year, the company completed a secondary listing on Germany's largest exchange, the Frankfurt Stock Exchange.

Voyager also issued a platform token, VGX, primarily used for user incentives and community governance. Currently, the VGX token price is $4.75, with a total market capitalization of $1.06 billion, ranking 72nd on CoinMarketCap.

According to public information, as of the end of March this year, Voyager managed total assets exceeding $2.4 billion, with nearly 1 million verified accounts and a total trading volume of $4.9 billion. Based on the closing price on April 12, Voyager's total market capitalization is $3.398 billion.

5. Canaan Creative

Canaan Creative is a domestic Bitcoin mining hardware manufacturer, primarily known for its Avalon series mining machines. It released the world's first ASIC-based Bitcoin mining device in 2013 and has invested heavily in AI chips in recent years. Its K210 chip has been widely used in various application scenarios, with last year's AI chip shipments tripling compared to the previous year.

On November 21, 2019, Canaan Creative officially went public on Nasdaq, becoming the first domestic mining machine company to list in the U.S. However, its stock price has been in a long-term decline since then, only starting to rise significantly in the second half of 2020. Based on the closing price on April 13, its market capitalization reached $2.05 billion.

According to public financial reports, Canaan Creative's total net revenue in the fourth quarter fell to 38.2 million RMB from 163 million RMB in the previous quarter, a decline of over 75%, due to supply chain issues that prevented the company from profiting from the bull market and the subsequent surge in demand for mining machines. As of the end of the first quarter this year, Canaan had presold over 156,000 mining machines, with advance payments exceeding $238 million.

At the same time, Canaan also disclosed its roadmap for self-mining for the first time, having established a main entity in Singapore to operate specific mining activities, with Kazakhstan being the preferred mining region.

6. Hut 8

Hut 8 is a cryptocurrency mining company focused on Bitcoin mining, operating over 100 BlockBox data centers in Canada, providing mining machine hosting and self-mining services for institutional clients, with a total hash rate of 1,073 PH/S.

In August 2019, Hut 8 went public on the Toronto Stock Exchange's Venture Exchange, currently with a total market capitalization of $799 million.

According to public financial reports, as of March 24, 2021, Hut 8 held a total of 3,233 BTC, an increase of 17% compared to December 31, 2020. The average mining cost per Bitcoin in 2020 was $14,195, compared to just $5,273 in 2019.

7. HIVE Blockchain

HIVE Blockchain is a cryptocurrency mining company that operates data centers in Canada, Sweden, and Iceland, utilizing approximately 50 megawatts of power, primarily supporting BTC and ETH mining.

In September 2017, HIVE Blockchain officially went public on the Toronto Stock Exchange's Venture Exchange. As of April 12, HIVE Blockchain's total market capitalization is $1.495 billion.

According to public financial reports, HIVE Blockchain's net income in the fourth quarter of 2020 was $17.59 million, a year-on-year increase of approximately 394%, with mining revenue of $13.7 million, a year-on-year increase of 174%. As of December 31, 2020, the company held cryptocurrencies ETH, ETC, and BTC valued at a total of $15 million.

8. Bitfarms

Bitfarms is an Israeli mining company that operates one of the largest cryptocurrency mining businesses in North America. Currently, Bitfarms has four mining sites in Quebec, Canada, primarily mining Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash.

Bitfarms went public on the Toronto Stock Exchange's Venture Exchange in July 2019. Based on the closing price on April 13, Bitfarms currently has a total market capitalization of $449 million.

According to public financial reports, Bitfarms reported an operating loss of $5.3 million for the entire year of 2020, with a net loss of $16.3 million and total mining profits of $13.8 million. In 2020, Bitfarms' mining pool added 5,865 miners, with a total hash rate increase of approximately 433 PH/s.

9. Conclusion

In addition to the aforementioned companies, there are currently dozens of native crypto companies that have announced plans to go public, such as eToro, Kraken, Apifiny, and Exodus. It can be expected that more and more crypto companies will list in traditional capital markets, becoming a force that cannot be ignored in the capital markets, heralding the arrival of a new era.