Insights
Perspective
01 Capital's institutional view: positions, arguments and judgements on where the digital-asset economy is heading and why.
Perspective
Do Not Capitalize Synthetic Liquidity Into RWA ValuationsA liquid RWA derivative should not automatically raise the liquidation value of the underlying asset. Valuation credit belongs only where trading activity creates an enforceable path from price exposure to cash realization.
→PerspectiveTVL Is Not Revenue: Valuing Blockchains After the Subsidies StopBlockchain valuation should isolate organic demand, deduct security costs, trace value to the token and discount for governance that can change fees, issuance, incentives or activity.
→PerspectiveThe Governance Discount: When Tokenholders Fund Options They Do Not ControlProtocol value often extends beyond tokenholder governance. Investors should separate control over deployed code from control over upgrades, interfaces, trademarks and future intellectual property.
→PerspectiveA Crypto Treasury Can Report Fair Value Without Being Worth Fair ValueMarking a treasury company’s crypto at quoted prices may satisfy an asset-level measurement while overstating what its full position could realise. Equity valuation must also price liabilities, liquidity and financing capacity.
→PerspectiveA SAFT Price Is Not a Token ValuationPre-TGE underwriting should value the security actually purchased, not a hypothetical liquid token. Rights, dilution, launch dependency and liquidity convert headline FDV into a contingent claim.
→PerspectiveCrypto Valuation Begins With the Holder’s Claim, Not the Protocol’s RevenueA token should be valued by the economic rights a holder can realize after dilution, discretion and exit costs—not by the activity or revenue of the protocol around it.
→PerspectiveDigital-Asset Treasuries Should Be Valued as Leveraged Capital Structures, Not Token ProxiesPreferred stock, buybacks and executive dilution are turning token-treasury companies into capital-structure trades. NAV is only the starting point; financing terms determine who captures the exposure.
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