Table of Contents

Executive Summary

ZX Market Snapshot: March, 2022:

  • Epic Games, Stripe and SpaceX were the three most active companies on ZX in March.
  • ZX received 278% more asks than bids in March, marking the twelfth consecutive month the order book has been skewed to the sell-side.
  • March transactions priced from a 11.7% discount to a 29.8% premium to January average reported holding values.

Reported Holdings: Quarter Ending January 31st, 2022

  • This quarter reporting holders marked up their private portfolios 3.1% with an average mark-up of 1.2%. Despite the positive appreciation and average mark-up across reporting funds, the period saw a 1:3 advance-decline ratio.
  • Sentiment up:
  • Sentiment down:

Heat Map: January 31st, 2022 Reporting Period

3.1%

Appreciation/Depreciation of All Reported Holdings1

1.2%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Rubicon Global
105.8%
Loadsmart
49.5%
Resilience
36.9%
SpaceX
32.9%
SiMa ai
27.4%
Tenstorrent
26.2%
Xsight Labs
24.8%
Delhivery
24.0%
Astera Labs
20.2%
Deep Instinct
19.6%
Diamond Foundry
19.2%
Fanatics
18.1%
Pine Labs
17.1%
Delphix
14.2%
Astranis
13.3%
Bytedance
12.6%
MOD Pizza
5.6%
BYJU's
0.3%
ABL Space
0.0%
AgBiome
0.0%
Algolia
0.0%
Benchling
0.0%
BETA Technologies
0.0%
Blink Health
0.0%
Bolt Threads
0.0%
Bowery
0.0%
Celonis
0.0%
Chime
0.0%
Cybereason
0.0%
Discord
0.0%
Druva
0.0%
Enevate
0.0%
goPuff
0.0%
GupShup
0.0%
Lilac Solutions
0.0%
Magic Leap
0.0%
MasterClass
0.0%
Meesho
0.0%
Nuro
0.0%
Rad Power
0.0%
Reddit
0.0%
Redwood Materials
0.0%
SambaNova
0.0%
Sila Nano
0.0%
Skyryse
0.0%
Snyk
0.0%
Waymo
0.0%
PsiQuantum
-0.3%
Starry
-0.3%
Relativity Space
-0.6%
Malwarebytes
-1.2%
Talkdesk
-1.3%
Epic Games
-2.4%
Convoy
-3.4%
Mythic AI
-4.0%
Illumio
-4.1%
Breeze Airways
-4.2%
Lookout
-4.9%
JumpCloud
-5.2%
Tanium
-6.3%
Tula Tech
-7.0%
Zero Mass Water
-8.0%
Essence Group
-8.1%
Noodle
-8.9%
Newsela
-9.3%
Farmers Business Network
-9.7%
Ursa
-9.9%
Exo Imaging
-11.6%
Databricks
-11.7%
Rappi
-11.9%
Stripe
-12.0%
Phononic
-12.5%
Snorkel AI
-12.5%
JUUL
-14.6%
Tempus Labs
-15.2%
Ant Financial
-16.6%
Gusto
-17.0%
Caris
-17.8%
Signifyd
-19.0%
Instacart
-19.2%
Treeline Bio
-20.5%
Sonoma Bio
-21.1%
Bright Peak
-22.7%
Tory Burch
-23.3%
Grand Rounds
-23.9%
Evozyne
-24.4%
Boundless Bio
-26.7%
Wugen
-26.8%
T-Knife
-27.7%
dMed
-28.3%
Smule
-29.1%
Dataminr
-31.7%
OneTrust
-35.3%
ClearMotion
-41.4%
Castle Creek
-42.9%
Lime
-46.2%
GOAT
-53.9%

1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings

Analysis

Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Diamond Foundry
2
Epic Games
2
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Castle Creek
6
Farmers Business Network
5
Dataminr
4
Fanatics, Rappi
4

3 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat

Highest Variance in Reported Marks5
CompanyNormalized Std Dev5$ Weighted AvgMaxMin
Fanatics.24$59.21$67.84$35.26
Dataminr.22$29.87$34.10$19.90
Delhivery.21$6.23$7.87$5.19
Pine Labs.20$496.96$609.51$372.86
Canva.16$1214.71$1704.55$1132.74

5 Normalized Standard Deviation is used to express the measure of spread across reported marks and allows for comparison between companies independent of their price per share based on a dollar-weighted average.

ZX Marketed Bids at Greatest Premium to Latest Reported Median Holding Value6
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6

6 Premium and Discount agnostic to share class

ZX Market Snapshot: March, 2022

We’re excited to introduce our new Most Active Companies section to our ZX Monthly Movers report.

Most Active Companies7

1
Stripe
2
Bolt Financial
3
SpaceX
4
OpenSea
5
Epic Games
6
Kraken
7
Animoca Brands
8
Databricks
9
Impossible Foods
10
Klarna

7 Companies that received the most ticket and profile view activity over the last 30 days

Epic Games, Stripe and SpaceX were the three most active companies on ZX in March.

ZX received 278% more asks than bids in March, marking the twelfth consecutive month the order book has been skewed to the sell-side. March transactions priced from a 11.7% discount to a 29.8% premium to January average reported holding values.

On average, March saw 55.72% of bids posted at a premium to January’s median holding values, while offers were posted at a 10.4% average discount.

Reported Holdings Commentary: Quarter Ending January 31st, 2022

This quarter reporting holders marked up their private portfolios 3.1% with an average mark-up of 1.2%. Despite the positive appreciation and average mark-up across reporting funds, the period saw one company advancing for every three companies declining.

Rubicon Global saw the largest mark-up this reporting period, with Loadsmart, Resilience and SpaceX rounding out the largest gainers. GOAT saw the largest mark-down this reporting period, while Lime, Castle Creek and ClearMotion saw the next largest markdowns.

Diamond Foundry and Epic Games saw their first positive reversals in two quarters while Castle Creek and Farmers Business Network saw their first negative reversals in six and five quarters respectively.

Fanatics ($35.26-$67.84) saw the highest share price variance across funds.

What is a ZX Firm Order?

ZX Firm Orders are unique to ZX. A ZX Firm Order (Offer or Bid) is a form of contract accepted on ZX, that allows a buyer or seller to contractually commit themselves to trading at the terms of an order ticket should a bona fide counterparty be presented, or pay a fee set to 10% of the notional value of the transaction should they fail to transact. Zanbato developed the concept of a Firm Order for private stock trading to solve for frequent frustration that parties often hold themselves out as buyers or sellers, but then pull out of transactions when counterparties are presented.

Disclaimer

This report is based on data reported by 200+ funds. Many holders of private company shares do not report their holding values and are thus not included in this report’s dataset. Further, many venture-backed private companies are not held by any reporting funds and are thus not included in this report. As such, this report should not be construed as providing a complete picture of shareholder sentiment or venture-backed private company performance. This report does not constitute investment advice or a "research report" as defined by FINRA Rules.

Zanbato Securities LLC (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for factual information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information was believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.

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