We’ll continue to see a lot of mergers and mostly acquisitions over the next 6-12 months, primarily because a lot of crypto firms are gearing up to go public. The space will consolidate winners and there will be a lot of slow losers.

Paper DPI / MOIC will be rerated downwards for a lot of venture firms that backed equity businesses. Valuations will soften and a lot of equity businesses will stop cropping up in crypto.

Most obvious areas for this will be anything infra related. Privy and Bridge are the tip of the iceberg here. We will see a lot of slow acquisition here soon and the best teams will come from this action.