Executive Summary

Reported Holdings as of February 29th, 2020:

  • Sentiment up: Allbirds, Dataminr, DraftKings, Tanium, SpaceX
  • Sentiment down: 23andMe, JUUL, Magic Leap, Sweetgreen, WeWork

ZX Market Update since February 29th, 2020:

  • ZX pricing levels have fallen since February 29th as the market prices COVID-19 impact
  • ZX Firm offerings today averaging a 25% discount to most recent marks
  • Relative strength in Delivery-on-Demand and E-Commerce segments
  • Relative weakness in Mobility segment

Other companies mentioned in this report: Airbnb, Bird, Circle, Clover Health, Coupang, Deliveroo, Didi, DoorDash, Grab, Impossible Foods, Klarna, Reddit, Ripple, The Honest Company, Toast, Wish

About ZX Monthly Movers

Based on data reported by 194 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.

Depreciation of All Reported Holdings1


Average Mark-Up/Mark-Down Across All Reported Holdings2


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

*This report is based on data reported by 194 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 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across 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


Reporting holders’ private company portfolios depreciated 2.8% this reporting period, though holdings saw an average markup of 4.4% following several large mark ups of smaller positions. JUUL ($88.59-$124.50/share) and Sweetgreen ($14.49-$17.10/share) contributed the largest dollar losses, while mark-ups of Taboola ($28.35/share), DraftKings ($5.15-$5.16/share), and Dataminr ($18.83/share) contributed the largest dollar gains.

DraftKings again led gainers, rising a further 73.4% in anticipation of its reverse merger into Diamond Eagle. Toast ($45.45/share) was marked up 65.1% from $27.53/share to its Series F financing price of $45.45/share, a materially higher price than current ZX offering levels that now reflect Covid-19 headwinds. Tanium ($11.47/share) and Allbirds ($11.32-$12.89/share) complete the biggest gainers list with 23.1 and 20.0% markups, respectively.

JUUL saw its first sub-$90 mark, bringing its low in-line with ZX trading levels. While WeWork ($6.56-$14.87/share) continues to fall to new lows, one holder notably marked their position up to the period’s high price of $14.87. Magic Leap ($21.60-$24.37/share) was marked down 11%, continuing consistent downward pressure since June ’19.

The Honest Company ($12.83-$45.76/share) had the widest dispersion in holding values.

ZX Market Updates Since Reporting Date

Since February 29th, 2020, ZX has seen prices fall as Covid-19 creates unprecedented uncertainty for companies and markets. Investors continue to price Covid-19 impact on a company-by-company basis, with large variations in the discounts assigned by the market. However, growth-stage private markets are proving themselves robust, with ZX buy-side ticket volumes increasing more than 150% since the market peak.

The average discount across ZX Firm Offers is a 25% discount to the last reported holding value, with companies like Ripple ($59.24/share), Circle ($16.70/share), and Wish ($146.96/share), being offered at 76%, 54%, and 51% discounts, respectively.

On the sentiment side, large growth companies like SpaceX ($219.95-$220.080/share) and Stripe ($15.69/share) continue to enjoy relative strength. At a sector level, e-Commerce companies are rebounding. With China supply-chain exposure, Wish saw significant pressure earlier this year, but has since started rebounding alongside other e-Commerce companies like Coupang ($5.90/share). Delivery-on-demand companies are also benefiting from stay-at-home orders including Doordash ($137.35/share) and Deliveroo ($388.65-$474.09/share).

Poorer sentiment toward Mobility companies is reflected in Didi ($50.93/share), Grab ($5.55-$6.16/share), and Bird ($12.92/share), which saw demand dwindle following poor public market debuts by Uber and Lyft, and then further due to Covid-19 headwinds.

DraftKings completed its reverse merger into Diamond Eagle and closed it first day of trading at $19.37/share post stock combination, a further step higher that validated the recent moves in our reported data.

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.


Zanbato Securites 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.