Companies Mentioned

AirBnB, Allbirds, Clover Health, Deliveroo, DraftKings, Grand Rounds, Juul, Magic Leap, Palantir, Reddit, Rent the Runway, Starry, Tanium, The Honest Company, Vroom, WeWork, Wish

About ZX Monthly Movers

Based on data reported by 187 funds, ZX Monthly Movers summarizes notable movements in holding values of venture-backed private companies as reported by shareholders subject to reporting requirements.* Period-to-period comparisons are measured quarterly to coincide with reporting intervals.

ZX is the Zanbato Alternative Trading System. A ZX Firm Order is explained at the end of ZX Monthly Movers.

Average Mark-Up/Mark-Down Across All Reported Holdings1


Depreciation of All Reported Holdings2


Largest % Mark-Up
Largest % Mark-Down
Clover Health
Grand Rounds
Largest Range in Reported Marks3
The Honest Company
Grand Rounds
Trend Reversal - Positive4 (# = consecutive prior qtrs marked down or flat)
Trend Reversal - Negative5 (# = consecutive prior qtrs marked up or flat)
Magic Leap
Clover Health
ZX Firm Bids at Greatest Premium to Latest Reported Median Holding Value6
Rent the Runway
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6

*This report is based on data reported by 187 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.

1 Equal-weighted mark-up or mark-down across all reported holdings
2 Dollar-weighted return on all reported holdings
3 Range measured as Max Holding Value/Min Holding Value
4 Trend Reversal – Positive reflects companies marked up after consecutive quarterly periods marked down or flat
5 Trend Reversal – Negative reflects companies marked down after consecutive quarterly periods marked up or flat
6 Premium and Discount agnostic to share class


Reported private company holdings were marked down an average of 1.0% in the December 31 reporting period. This follows September, October and November that saw average mark-downs of 2.4%, 1.5%, and 2.5%, respectively. In aggregate, reported holdings lost 6.0% of their value over the quarter, reflecting outsized absolute losses in larger holdings such as WeWork.

All reporting Vroom holders marked up their positions to $27.19 per share to reflect its November Series H financing, a more than a 50% increase from its prior Series G mark of $17.95 per share. DraftKings was also marked up across the board to new levels ranging from $2.71-$3.44 per share on the back of its expected reverse merger into Diamond Eagle.

WeWork continues to be marked down to as low as $6.51 per share, down from $45.89 and $67.81 in the three and six months prior, respectively. Large, sudden moves contributed to WeWork having the largest range of holding values: high $19.19 and low $6.51. Median holding value: $14.08 per share.

Clover Health saw notable repricing. After six consecutive quarters of positive momentum, it was marked down almost 60% to $3.76 per share.

AirBnB saw a modest 3% increase ($106.68 to $112.30 per share) after two consecutive periods marked down. The increase contrasts movements of trading markets, which were under pressure through the period.

The period also saw several first time mark-downs in multi-year holdings, highlighting notable changes in holder sentiment. Since making their investment, three reporting funds marked down Magic Leap for the first time, one of which had marked their position up or flat for more than 3 years (13 consecutive quarters). Grab was also marked down for the first time after 3 years of bullish holder sentiment.

Following intense regulatory and commercial pressure, Juul was unexpectedly marked up from $147.05 to $147.58, potentially suggesting some holders may believe the stock has found a floor. ZX saw Juul prices fall well below those levels, and ZX currently houses Firm Offers at $86.00, a better than 41% discount to last reported median holding value.

ZX Market Updates Since Reporting Date

As many funds report holding values on a delayed basis, ZX Monthly Movers summarizes observed market sentiment via ZX trading activity since the data reporting date.

Since December 31, 2019, private market trading levels have fallen in response to the global spread of novel coronavirus and the associated collapse in broader equity markets. Sellers are increasingly willing to hit discounted bids and, thus far, buyers are stepping in at reduced prices. While we await quantifying data, the market is differentiating between sectors exposed to coronavirus (e.g., hospitality & ride sharing) and those less exposed, where sellers are looking to lighten exposure as part of a broader risk reduction strategy. The moves have been orderly and to-date we have not seen any new companies trading at >50% distressed discounts.

What is a ZX Firm Order?

ZX Firm Orders are unique to ZX. A ZX Firm Order (Bid or Offer) 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.


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.