DefiLlama has acquired Bulletin, a niche data provider that tracks over-the-counter (OTC) crypto trades, to add private-market valuation signals to its platform. The deal brings proprietary secondary-market bids and asks into DefiLlama’s dataset to help show what private crypto firms trade for and why that matters to valuation.
Patrick Scott, head of revenue and growth at DefiLlama, said the acquisition complements existing data on startup fundraising. He added that Bulletin’s records illuminate private-company valuations in the secondary market, noting this supplements the platform’s public fundraising metrics on the raises page.
0xngmi, the pseudonymous head of DefiLlama, said the purchase introduces proprietary data the team lacked before. “In terms of total additional data, it’s not that much,” they said, “But the big difference will be that this introduces proprietary data, which we didn’t have before.”
David Mirzadeh, who founded Bulletin in 2023, built the service to match buyers and sellers of private shares and tokens. He found users prized bid and ask information more than closed trades, because those figures hint at company value.
“It’s a bit like truffle hunting. Even one ask or bid is quite precious for a company that’s new,” Mirzadeh said. (Ed. note: OTC data often serves as one of few price signals in private markets.)
DefiLlama already tracks more than 5,600 protocols across 504 blockchains and offers advanced analytics to subscribers. Mirzadeh will advise the team as it seeks more OTC partnerships, and the company said acquisitions remain on the table as they expand data offerings; more on the platform is available at DefiLlama.
