The Emerging Bitcoin-Native Venture Capital Landscape 2022 – Report

“This research brief represents two years of data and subsequent analysis of the Bitcoin ecosystem, which during 2021 and 2022 has seen significant growth as a startup investment category.””With the emergence of the Lightning Network and other tech enablements, Bitcoin is becoming a platform giving greater design space and lower platform risk to entrepreneurs who seek a long-term place to build on a truly decentralized foundation.””Near term there are a number of technical possibilities that will further accelerate the Bitcoin-native startup ecosystem.”

Report findings include:

Bitcoin startup transaction count has gone up between 2021 and 2022.This includes total capital raised, growing number of funding rounds as well as unique companies – despite the bear market and tightening macro conditions.Here’s an overview of 2021 and 2022 Bitcoin company deal sizes and valuations by stage.Deal count and dollars invested in Bitcoin companies versus broader crypto – Bitcoin projects received less than 98% of all the venture deals compared with crypto projects despite maintaining the market cap dominance.”Despite the decline in total crypto market cap, bitcoin-native startups emerged as a venture growth category, with deal count growing 52.9% year-over-year.”The findings are also consistent with the consistent growth of the Lightning network capacity while there is a significant drawdown in BTC on crypto rails. The report concludes that there is “a severe misallocation of capital for companies building a sustainable monetary order for the Internet Age.”

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