Valuation
Keep in mind that Coinbase, the most visible public comp, was trading at $28.83 in the private markets as recently as Q3 2020. That equated to a private market valuation of ~$6bn on a fully diluted basis. Presently, Coinbase trades at close to a $60bn valuation on a fully-diluted basis. That's a 10x move in less than a year (and the current price is well off the 52wk high).
I raise this point as the $400mm valuation reported by Belfrics in 2019 is very much stale given crypto markets, particularly BTC and ETH, are obviously significantly higher than 2019 and trading volumes, particularly in Q1, have exploded.
Coinbase also operates in more competitive geographic markets than Belfrics. That works to the latter's advantage.
For me, it boils down to the pro forma share structure.
