Table of Contents

Executive Summary

ZX Market Snapshot: October, 2021:

  • For the seventh consecutive month, ZX offers exceeded bids - this month by 69%.
  • October transactions priced from a 6% discount to a 47.9% premium to August average reported holding values.

Reported Holdings: Quarter Ending August 31st, 2021

  • Reporting holders marked up their private portfolios 17.5% and saw a 4:1 advance-decline ratio. Rivian contributed significantly to overall appreciation.
  • Sentiment up:
  • Sentiment down:

Heat Map: August 31st, 2021 Reporting Period

17.5%

Appreciation/Depreciation of All Reported Holdings1

22.3%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Lime
702.9%
Resilience
225.1%
Element Bio
173.4%
Plex Systems
162.3%
Checkr
120.5%
FlixBus
117.1%
Farmers Business Network
65.2%
Seismic
64.1%
Rivian
61.1%
Bolt Threads
58.3%
goPuff
55.6%
EQRx
51.8%
Honor Tech
50.3%
Reddit
45.5%
ThoughtWorks
39.9%
Warby Parker
32.9%
Convoy
32.2%
Aristea Therapeutics
28.4%
Databricks
28.1%
Color Genomics
21.6%
Goop
20.6%
Blink Health
17.0%
Conformal Medical
15.8%
Atom Tickets
15.7%
Freenome
15.3%
BYJU's
14.3%
GitLab
13.6%
MOD Pizza
11.7%
ServiceTitan
11.5%
Stripe
9.9%
Lookout
9.7%
Ginkgo Bioworks
8.9%
Epic Games
8.0%
Rappi
7.8%
Unqork
7.8%
Allbirds
7.8%
SambaNova
7.4%
Nubank
6.8%
Waymo
6.6%
Essence Group
4.2%
AvidXchange
3.6%
Innovium
1.0%
Sonder
0.8%
Bird
0.3%
Toast
0.0%
Cava
0.0%
PrognomIQ
0.0%
Tempus Labs
0.0%
Fanatics
0.0%
Evozyne
0.0%
ElevateBio
0.0%
Rapyd
0.0%
Skyhawk
0.0%
Nuro
0.0%
D2iQ
0.0%
Dataminr
0.0%
Kardium
0.0%
Bombas
0.0%
Inscripta
0.0%
Signifyd
0.0%
ABL Space
0.0%
Tenstorrent
0.0%
Insitro
0.0%
Heal
0.0%
Boundless Bio
0.0%
HaulHub
0.0%
FLEXE
0.0%
Redwood Materials
0.0%
Faraday Pharma
0.0%
ValenzaBio
0.0%
Enevate
0.0%
dMed
0.0%
BETA Technologies
0.0%
SiMa ai
0.0%
Diamond Foundry
0.0%
Caris
0.0%
Astranis
0.0%
Relativity Space
0.0%
Xsight Labs
0.0%
Sweetgreen
0.0%
SpaceX
0.0%
Instacart
0.0%
Rent the Runway
0.0%
Intarcia Therapeutics
0.0%
Tory Burch
0.0%
Scorpion Therapeutics
0.0%
Dragonfly Therapeutics
0.0%
Rad Power
0.0%
Bowery
0.0%
Druva
0.0%
RefleXion Medical
0.0%
PsiQuantum
0.0%
MasterClass
0.0%
Castle Creek
0.0%
Aledade
0.0%
Sila Nano
0.0%
Delhivery
-0.6%
Bytedance
-0.6%
JUUL
-0.7%
Magic Leap
-0.8%
Aurora Innovation
-2.2%
Verily
-4.5%
AgBiome
-5.3%
SnapDeal
-5.5%
Ant Financial
-8.3%
Starry
-13.4%
WeWork
-18.6%

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)
Blink Health
4
Lime
4
Allbirds
3
Bolt Threads
3
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Aurora Innovations
8
Starry
4
WeWork
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
Intarcia Therapeutics4.72$0.78$18.17$0.00
Ant Financial.25$2.59$7.05$2.50
Bytedance.21$114.61$168.12$103.73
Fanatics.14$42.65$47.37$34.87
JUUL.13$50.51$55.56$42.28

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 Firm Bids at Greatest Premium to Latest Reported Median Holding Value6
Epic Games
+35.6%
Databricks
+4.3%
MasterClass
+0.4%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
Dataminr
-1.1%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: October, 2021

For the seventh consecutive month, ZX ask tickets exceeded bid tickets - this month by 69%. October transactions priced from a 6% discount to a 47.9% premium to August average reported holding values.

Compared to August median holding values, October saw three ZX Firm Bids at a premium and one ZX Firm Offer at a discount.

Reported Holdings Commentary: Quarter Ending August 31st, 2021

Reporting holders marked up their private portfolios 17.5% this quarter, which saw four companies advancing for every decliner. Rivian contributed significantly to overall appreciation.

Lime was marked up highest and Resilience, Element Bio and Plex Systems rounded out the largest markups.WeWork, Starry, and Ant Financial saw the largest markdowns this quarter.

Blink Health and Lime saw their first positive reversals in a year, while Aurora Innovation saw its first negative reversal in two years.

Intarcia Therapeutics ($0.00-$18.17) 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.

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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