# Сопутствующие статьи по теме Valuation

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Valuation", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

80% of Tokens Fall Below Issue Price, IPO Financing Soars 48 Times—Crypto Capital Shift Has Occurred

The crypto industry is witnessing a significant capital shift from token offerings to traditional equity markets. In 2025, over 80% of tokens traded below their initial offering price due to high volatility, weak demand, and poor tokenomics, eroding investor confidence. Conversely, crypto IPOs surged 48x, raising $14.6 billion, while M&A activity hit a five-year high of $42.5 billion. Equity offerings, compared to tokens, demonstrate similar upside potential but with lower volatility and longer-term growth. Stocks command higher valuation premiums (P/S ratios of 7-40x vs. 2-16x for tokens) due to institutional access, index inclusion potential, and richer trading strategies. Key valuation factors include regulatory moats, revenue diversification, and sector sentiment. M&A activity is accelerating, driven by regulatory compliance and strategic expansion, with focus on trading infrastructure, exchanges, and stablecoins/payments. Major acquisitions were led by Coinbase, Kraken, and Ripple. Upcoming IPOs in 2026 include Kraken, Consensys, Ledger, Animoca, and Bithumb. The future lies in blending TradFi validation with crypto innovation, emphasizing sustainable revenue and long-term value creation.

marsbit03/15 07:55

80% of Tokens Fall Below Issue Price, IPO Financing Soars 48 Times—Crypto Capital Shift Has Occurred

marsbit03/15 07:55

Deconstructing the Capital Game of Public Chain Pharos: A $950 Million Valuation Propped Up by Photovoltaic and Other Assets, A Shell Transaction Under Layers of Betting?

The article investigates the recent $247.3 million investment by Hong Kong-listed GCL New Energy into the Layer 1 blockchain project Pharos at a $950 million valuation. It reveals the deal is not a straightforward investment but a complex, multi-stage transaction bound by stringent performance milestones. The core of the agreement is a set of mutual, conditional investments. Pharos must first purchase up to $1.5 billion HKD worth of GCL shares. However, GCL's reciprocal investment in Pharos tokens is contingent upon a series of strict, performance-based vesting conditions. The entire deal is split into five tranches, each unlocking only if the Pharos token lists on an exchange without falling below its issue price and maintains a high fully diluted valuation (FDV) over successive three-month periods. If any condition fails, the entire agreement can be terminated. The article questions the legitimacy of the $950 million valuation, which was calculated based on a purported $250 million in Total Value Locked (TVL). Notably, over half of this TVL is claimed to be from real-world assets (RWA), specifically photovoltaic and power station assets linked to GCL—a highly unconventional method for valuing a Layer 1 blockchain. Furthermore, the mainnet is not yet live, and the TVL figure is unverified by independent data platforms. The author suggests the deal is a "capital game" designed to boost GCL's stock price, which saw suspicious pre-announcement surges, and to create hype for the upcoming Pharos token launch, ultimately passing the risk onto the market and future investors.

marsbit03/15 05:49

Deconstructing the Capital Game of Public Chain Pharos: A $950 Million Valuation Propped Up by Photovoltaic and Other Assets, A Shell Transaction Under Layers of Betting?

marsbit03/15 05:49

Inside Ripple’s Buying And Selling Cycle — And Its Impact On XRP

Ripple's recent $750 million share buyback has sparked division within the XRP community. Critics, led by analyst @WhaleFUD, argue that Ripple sells XRP to fund these buybacks, prioritizing private equity holders and venture capitalists over retail XRP investors. They contend this cycle provides no direct benefit to XRP holders and that Ripple has little incentive to support the token's long-term value, especially with products like its new stablecoin competing with the XRP Ledger. Conversely, supporters like researcher BankXRP view the buyback as a sign of Ripple's strength and confidence. The $50 billion valuation and recent strategic acquisitions are cited as evidence of the company's robust liquidity and long-term commitment to the XRP ecosystem, despite ongoing market uncertainty and price pressure.

bitcoinist03/15 02:42

Inside Ripple’s Buying And Selling Cycle — And Its Impact On XRP

bitcoinist03/15 02:42

Analysis: HYPE at $37 Current Price, Still Undervalued in a Bear Market

Analysis: HYPE at $37 is undervalued even in a bear market. Hyperliquid's 2025 revenue is 15% of CME's, yet its market cap is only 10% of CME's. The market is not pricing in the trillion-dollar TAM potential from HIP-3, which enables permissionless perpetual contracts for any asset. The Iran war weekend served as a stress test, with Hyperliquid's oil futures providing real-time global pricing while CME was closed. A four-scenario DCF model shows that even in a bear case (0.01% capture of the $1.74T daily TAM), HYPE's implied price is $60—well above the current $37. This suggests the base exchange business alone is undervalued. The base case (0.10% capture) implies $72, and the bull case (0.50% capture) implies $124. HIP-3 already contributes ~10% of fees just five months after launch. Hyperliquid's liquidity depth, execution quality, and lack of US-centric regulatory dependency strengthen its position. With a P/S ratio of 10-13x vs. traditional exchanges at 20-25x, HYPE is poised for re-rating as it captures migrating traditional finance volume.

marsbit03/14 06:27

Analysis: HYPE at $37 Current Price, Still Undervalued in a Bear Market

marsbit03/14 06:27

Is Bitcoin Undervalued? MVRV Ratio Mirrors Post-FTX Stress Levels

Bitcoin is struggling to break above the $72,000 resistance level amid ongoing market uncertainty. Analysis by CryptoQuant highlights a significant drop in Bitcoin’s 365-day MVRV ratio—a key on-chain metric comparing market cap to realized value—to levels last seen after the FTX collapse in late 2022. Historically, such depressed MVRV readings have often preceded strong price recoveries, as was the case when Bitcoin rallied 67% in the three months following the FTX crash. While current conditions differ due to macroeconomic factors like high interest rates and increased institutional participation via ETFs, the compressed MVRV suggests Bitcoin may be undervalued and could signal a potential accumulation phase for long-term investors.

bitcoinist03/14 05:05

Is Bitcoin Undervalued? MVRV Ratio Mirrors Post-FTX Stress Levels

bitcoinist03/14 05:05

From OpenSea to OpenRouter: The Business Strategy of a Serial Entrepreneur in 'Aggregation'

From OpenSea to OpenRouter: The "Aggregation" Playbook of a Serial Entrepreneur Alex Atallah, co-founder of OpenSea (the largest NFT marketplace, once valued at $13 billion), left at the NFT market's height before its collapse. He has now founded OpenRouter, an AI model aggregation platform that unifies API access to over 500 models (including Claude, GPT, and DeepSeek) and charges a 5% fee on transactions. OpenRouter simplifies developer access by providing a single interface, avoiding the complexity of dealing with multiple providers, separate registrations, and API inconsistencies. Its growth has been rapid: monthly transaction volume surged from $800,000 in October 2024 to $8 million by May 2025, with annual processed value exceeding $100 million. The company, recently valued at $500 million after a $40 million funding round led by a16z, benefits from the AI boom and tools like OpenClaw, which uses OpenRouter as a default provider. Atallah’s strategy remains consistent: he doesn’t bet on which specific asset or model will succeed but instead positions himself as the essential intermediary in fragmented market—aggregating supply and capturing value through transaction fees. His approach highlights the power of building platforms that become critical infrastructure, regardless of which trend emerges next.

比推03/13 11:34

From OpenSea to OpenRouter: The Business Strategy of a Serial Entrepreneur in 'Aggregation'

比推03/13 11:34

Redemption Wave Meets Credit Withdrawal Wave, US Private Credit Industry Faces 'Run Storm'

US private credit industry faces a liquidity crisis as investor redemptions surge and major banks tighten financing. Cliffwater and Morgan Stanley restricted withdrawals from multi-billion-dollar funds after redemption requests spiked to 14% and 10.9% of assets respectively in Q1, forcing partial payouts to avoid fire sales of illiquid assets. Simultaneously, JPMorgan reduced collateral values for software-sector loans in fund portfolios, curtailing future leverage availability. The squeeze stems from a net asset value (NAV) arbitrage dynamic: while public market software assets plummeted, private credit valuations remained inflated, prompting investors to redeem at above-market prices. This triggered a bank-run-like cycle where remaining investors face diluted values. Apollo plans to boost transparency with monthly NAV reporting. The $1.8 trillion industry, which expanded rapidly during the pandemic using bank leverage, now confronts underlying assets originated at peak valuations. Despite claims of continued software sector growth, pressure mounts as institutions reassess liquidity risks and valuation opacity.

marsbit03/12 02:47

Redemption Wave Meets Credit Withdrawal Wave, US Private Credit Industry Faces 'Run Storm'

marsbit03/12 02:47

Circle Doubles in a Month: What Is the Market Betting On?

Circle's stock (CRCL) has experienced significant volatility, doubling in February 2025 after a sharp post-IPO decline. This surge occurred while Bitcoin fell 40%, indicating a decoupling from the broader crypto market. The key driver is a fundamental shift in how the market values Circle and its USDC stablecoin. Previously viewed as a cyclical crypto play, USDC's growth accelerated during the bear market, with its circulating supply rising 72% to a record $753 billion. This growth is increasingly driven by traditional finance and global payments, not speculative crypto trading. Major partnerships with Visa, Mastercard, JPMorgan, and Intuit are embedding USDC into mainstream payment infrastructure. The passage of the GENIUS Act in July 2025 provided a federal regulatory framework, creating a moat for compliant issuers like Circle and helping USDC gain market share against USDT. USDC also surpassed Tether in on-chain transaction volume. A major future growth narrative centers on AI Agent payments. Circle and others are developing infrastructure for machine-to-machine transactions, offering 24/7 settlement at a fraction of the cost of traditional systems. While current non-interest revenue from these new use cases remains under 5% of total revenue, the potential market is vast, with predictions of a multi-trillion-dollar stablecoin and AI Agent economy by 2030. Circle's $23 billion valuation largely bets on this future narrative becoming reality.

marsbit03/12 01:09

Circle Doubles in a Month: What Is the Market Betting On?

marsbit03/12 01:09

Why Doesn't Stripe, Valued at $160 Billion, Go Public?

Stripe, valued at $159 billion, and Plaid, valued at $8 billion, recently conducted tender offers, reflecting a structural shift in how companies access capital and provide liquidity. Instead of pursuing traditional IPOs, many high-value private companies are opting for secondary transactions. This trend is fueled by a booming private market, where assets have more than doubled to $22 trillion over 12 years, and companies now wait an average of 16 years to go public. New infrastructure layers like Forge and EquityZen facilitate these trades, while platforms like Robinhood’s Ventures Fund I are opening private market access to retail investors. However, risks include structural complexity, valuation opacity, and regulatory challenges. Despite a 2025 rebound in IPOs, many companies may continue favoring private liquidity due to abundant capital and fewer constraints.

marsbit03/11 07:19

Why Doesn't Stripe, Valued at $160 Billion, Go Public?

marsbit03/11 07:19

Why Doesn't Stripe, Valued at $160 Billion, Go Public?

Stripe, valued at $159 billion, and Plaid, valued at $8 billion, recently conducted tender offers, reflecting a structural shift in how companies access capital and provide liquidity. This trend allows firms to bypass traditional IPOs, avoiding dilution and regulatory burdens. The private secondary market reached $240 billion in 2025, surpassing global IPO proceeds. Companies now wait an average of 16 years to go public, and private market assets have doubled to $22 trillion over 12 years. New infrastructure layers like Forge and EquityZen facilitate secondary trading, while platforms like Robinhood’s Ventures Fund I are opening private markets to retail investors. However, risks include structural complexity, valuation opacity, and counterparty risks. Despite a 2025 IPO rebound, many companies trade below their offering prices, making tender offers an attractive alternative amid geopolitical and macroeconomic uncertainty.

比推03/10 18:52

Why Doesn't Stripe, Valued at $160 Billion, Go Public?

比推03/10 18:52

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