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The Chartered Financial Analyst (CFA) Institute published a paper that investigates the valuation models that apply to different elements of the crypto-asset universe, including smart contract platforms, decentralized applications, and Bitcoin. For example. For bitcoin, it shows the strengths and limitations of four models: the total addressable market approach, the stock-to-flow model, Metcalfe's law, and the cost of production model. Each model is derived from an underlying characteristic of bitcoin and takes differing viewpoints by assessing the store-of-value or medium-of-exchange approach.

This study back-tests a marginal cost of production Bitcoin valuation model. The model, which JP Morgan uses for its valuation analysis, seems robust and challenges allegations that bitcoins are essentially worthless.

A new Bitcoin valuation model put forth by DataDater, relies on this aspect of BTC production to calculate minimum price per coin, by using the minimum cost of production.

We have curated this collection of research to serve as the primary repository for the most impactful work done in the nascent but fascinating field of crypto asset valuation. We believe this is deeply important work presented by the most talented minds in our space. It is an honor to share it with you.

Beijing startup Waterdrop, backed by social media giant Tencent, is seeking new financing at a valuation of more than $1B to fend off its better-capitalized rival, Ant Financial, in the emerging field of health care crowdfunding.

USD Coin (USDC) stablecoin issuer Circle has announced the mutual termination of its proposed merger with special purpose acquisition company (SPAC) Concord Acquisition. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion and was then amended in February 2022 when Circle's valuation ballooned to $9 billion. USDC is currently the 2nd largest stablecoin in circulation, with a market cap of $43 billion.

"The crash in crypto currency valuations may trigger a radical reassessment. But, just as excessive hype fuelled speculation, a collapse in valuations may lead to an indiscriminate condemnation of digital money and an underestimation of its potential benefits. This column takes stock of developments over the last five years in an attempt to separate fact from exaggeration and fiction."

Payment processing and global retail banking platform Klarna secured $1 billion through its equity funding round to accelerate international expansion and further capture global retail growth. The company's valuation is now $31 billion and it is claiming to be the highest-valued private fintech in Europe and second-highest worldwide. Klarna offers point-of-sale loans for online and in-store purchases through its mobile app. These loans allow customers to buy now and pay later at popular retailers.

A poll taken by the audience of about 300 DTCC customers and others showed that while 74% of the audience's employers were participating in blockchain projects expected to be rolled out to customers, only 23% were planning to implement a business solution involving cryptocurrency. The three largest obstacles to the audience deciding to invest in cryptocurrency were regulatory uncertainty (29%), valuation approach (29%) and fraud (21%).

Forbes has identified more than 100 big companies actively exploring blockchain through industry consortiums and other proprietary projects, 50 of which have minimum revenues or valuations of $1 billion.

While most digital assets have been suffering, stablecoins have been surging since the market downturn in mid-March and tether (USDT) is capturing more than 70% of BTC trades today. Besides tether, a wide range of other dollar-pegged cryptocurrencies have also benefited this month, as the market valuation of eight different stablecoins combined is well over $7 billion.

BNY Mellon has taken on the difficult task of evaluating different methods of valuing Bitcoin in a March investment report, And in doing so, it's spotlighted the controversial stock-to-flow model that-if correct-would see Bitcoin's price hit $100,000 to $288,000 this year.

Setting aside the "usual" accounting issues with regards to cryptoassets - valuation, accounting standards, tax issues - the rise of NFTs and DeFi continue to create new and more nuanced questions. This does not even touch on the multitude of issues that need to be understood and addressed by market participants as they pertain to smart contracts, a blockchain-enabled method of automating certain parts of certain transactions.

Singapore-based Grab Holdings, the ride-hailing, food-delivery and digital-wallet group that operates across much of Southeast Asia, will go public on the Nasdaq Stock Market by merging with a special-purpose acquisition company (SPAC) securing a $39.6 billion valuation. Grab will merge with Altimeter Growth Corp., a SPAC sponsored by California-based Altimeter Capital.

The third annual Forbes Blockchain 50 features companies that lead in employing distributed ledger technology and have revenue or a valuation of at least $1 billion. Twenty-one newcomers-including the world's largest bank, the Industrial and Commercial Bank of China, and four others from Asia-make their debut. They take the spots of such U.S. companies as Facebook, Google, Amazon and Ripple, all of whom are still active in blockchain but kept lower profiles in the space over the past 12 months.

In recent years, Tether issuances have increased significantly, which correlated broadly with a significant rise in Bitcoin valuation. This paper examines the impact of cryptocurrency issuances on subsequent cryptocurrency returns. It is argued that as Tether is the undisputed 'stable coin', the minting of new Tether acts similarly to monetary expansion in cryptocurrency markets, inflating the prices of Bitcoin. We construct a VAR model and show contrary to investor expectations, Tether issuances do not impact subsequent Bitcoin returns, however, they do impact traded volumes. We also document an increase in Tether trading following a subsequent decrease in Bitcoin returns.

BlackRock Financial Management posted a job ad for a VP-level blockchain lead to create and implement strategies designed to drive demand for the firm's offerings and enhance the value proposition to clients of the firm's investments and technology offerings. The candidates must have experience in: articulating the technological foundations of blockchain technology including cryptographic hash functions, distributed network consensus mechanisms, and public-private key cryptography; devising and articulating fundamental valuation methodologies for crypto-assets; evaluating game theory and decentralizing governance models associated with blockchain technology; and working with key drivers of blockchain networks' design and their impact on the four key dimensions of blockchain performance including speed, scalability, privacy, and security.

Business-to-business (B2B) fintechs, particularly those that support rapidly growing ecommerce, have performed well on the whole, and have been popular among investors. But for the big consumer fintech names, it has been rather different story. Some, such as Monzo, have seen valuations plummet. Both Monzo and Revolut have faced a barrage of complaints from customers who have had their accounts frozen. Challenger banks serving SMEs have also not had a great pandemic. And finally, the VC money that has so far kept them afloat is not as readily available in a global downturn.

China's banking regulator has tightened rules governing how online lending platforms fund their loans, a move that analysts say could hit the valuation of Jack Ma's Ant Group. Under the rule changes announced over the weekend by the China Banking and Insurance Regulatory Commission, online lending platforms will have to contribute 30 per cent of the funding for loans they offer in partnership with banks. The CBIRC will also cap how much capital commercial banks can commit to online lending in co-operation with tech platforms. The new rules will come into force next year.

Embryonic quantum computers are being rented by banks keen to test the revolutionary new technology. In theory, the machines are perfect for complex, multivariate analysis. In practice, today's devices lack the scale to handle real-life datasets. ABN Amro, Barclays, BBVA, NatWest, Nomura and JP Morgan are among the many banks experimenting with quantum tech. Applications explored so far include credit valuation adjustment, economic capital, regulatory stress-testing and value-at-risk. In one test, NatWest showed it would be 300 times quicker to use a quantum computer to calculate the optimal make-up of its liquidity buffers. But with off-the-shelf tech still distant, some banks are questioning their involvement. "Two years ago, I was a lot more bullish," says the chief digital officer for Nomura's wholesale businesses.