The combined market cap of publicly-listed crypto firms has roughly quadrupled this year while the number of public digital asset firms has increased by 28% over the same period.

A new report from CoinShares estimates that public “cryptocurrency pure play companies” were worth roughly $25 billion at the start of the year, with mining firms and financial service providers representing the lion’s share of value.

While the report notes that 16 digital asset firms have gone public this year — increasing the number of public crypto companies to 57 public companies, the combined capitalization of said firms has skyrocketed to nearly $100 billion.

This year has already seen the greatest influx of public crypto firms out of any calendar year, followed by 2018 with 14. Just three firms went public during 2014, 2016 and 2017 respectively.

Number of crypto firms going public each year: CoinShares

The report highlighted the April initial public offering (IPO) of leading U.S.-based centralized exchange Coinbase, describing the offering as “the first true large cap pure play in this sector.” 

Amid Coinbase’s April IPO, the capitalization of public digital asset firms surged to a record high of nearly $120 billion. By contrast, the sector’s combined market cap was less than $3 billion at the start of 2020.

The 15 public crypto exchanges now represent 62% of the sector’s combined capitalization at roughly $59 billion, followed by 19 financial services firms with nearly $20 billion and 20 mining companies with $10 billion.

Public mining firms have seen the strongest