Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

Crypto

<ul><li aria-level="1">Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.</li><li aria-level="1">We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.</li><li aria-level="1">Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.</li></ul>

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

<ul>
<li>Maple is establishing itself one of the largest on-chain credit venues, with deposits locked in at $2.1 bn and US$1.24 bn lent.</li>
<li>Pool delegates have skin in the game and underwriting lets pre-qualified trading firms borrow at 30-80 % lower collateral ratios than market while keeping lenders senior and over-collateralised.</li>
<li>Pool delegates in a ramp phase to build client books. Structured credit structures are planned.</li>
</ul>


Maple is establishing itself one of the largest on-chain credit venues, with deposits locked in at $2.1 bn and US$1.24 bn lent.
Pool delegates have skin in the game and underwriting lets pre-qualified trading firms borrow at 30-80 % lower collateral ratios than market while keeping lenders senior and over-collateralised.
Pool delegates in a ramp phase to build client books. Structured credit structures are planned.


Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

Cross Asset Strategy

<ul><li>Podcast has been running for almost seven months with recent guest episodes</li><li>Discussion on recent global asset trends and market news, including inflation, Fed rate cuts, and Trump's tariff threats</li><li>Mention of interns from CUNY City Tech helping with macro database analysis and highlighting Ethereum's strong performance in the market.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Podcast has been running for almost seven months with recent guest episodesDiscussion on recent global asset trends and market news, including inflation, Fed rate cuts, and Trump's tariff threatsMention of interns from CUNY City Tech helping with macro database analysis and highlighting Ethereum's strong performance in the market.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

New Barbarians Podcast | Episode #029 | Recap & Reset: Macro Shifts, Ethereum's Spike, MicroStrat...

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>U.S. “Crypto Week”—GENIUS Act signed, CLARITY + anti-CBDC bills advanced—promises fresh stable-coin liquidity, yet practical impacts will lag the market’s rapid pricing.</li>
<li>Bitcoin touched a $123k ATH on $19 bn YTD ETF inflows, while ETH and SOL still sit 20–30 % below prior highs despite Q2 gains of +35% and +24%.</li>
<li>Altcoins caught up fast—XRP led the charge, ETH also outpaced BTC, while SOL trailed peers—showing a brisk, uneven rotation away from Bitcoin dominance.</li>
</ul>


U.S. “Crypto Week”—GENIUS Act signed, CLARITY + anti-CBDC bills advanced—promises fresh stable-coin liquidity, yet practical impacts will lag the market’s rapid pricing.
Bitcoin touched a $123k ATH on $19 bn YTD ETF inflows, while ETH and SOL still sit 20–30 % below prior highs despite Q2 gains of +35% and +24%.
Altcoins caught up fast—XRP led the charge, ETH also outpaced BTC, while SOL trailed peers—showing a brisk, uneven rotation away from Bitcoin dominance.


Crypto Week Unleashes a Bitcoin Blitz and Sparks the Altcoin Catch-Up

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Alongside the technological development in our era in almost every aspect of our daily lives, one could argue that it would be inevitable such digital emergence to make also its appearance on financial services as is the case with digital coins.</li><li>More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value but also on a historical perspective through their developmental process since their initial issue, could be considered the epitome of financial-technological innovation.</li><li>Both respectively, should be analyzed on a financial basis through the course of their history to achieve a deepest comprehension of their functionality and usage by examining the main factors contributing to Bitcoin and Ethereum’s rise and general fluctuation over the past.</li></ul>

Alongside the technological development in our era in almost every aspect of our daily lives, one could argue that it would be inevitable such digital emergence to make also its appearance on financial services as is the case with digital coins.More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value but also on a historical perspective through their developmental process since their initial issue, could be considered the epitome of financial-technological innovation.Both respectively, should be analyzed on a financial basis through the course of their history to achieve a deepest comprehension of their functionality and usage by examining the main factors contributing to Bitcoin and Ethereum’s rise and general fluctuation over the past.

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Ethereum (XETUSD CURNCY)

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token...

Animoca Brands Research

Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

Maple is becoming a major on-chain credit venue with $2.1 bn in deposits and $1.24 bn lent, offering lower collateral ratios for pre-qualified...

Tatja Karkkainen

New Barbarians Podcast | Episode #029 | Recap & Reset: Macro Shifts, Ethereum's Spike, MicroStrat...

Mark and Bill discuss global assets, market trends, monetary policy updates, and recent tariff threats, while sharing insights from interns and...

William Mann

Crypto Week Unleashes a Bitcoin Blitz and Sparks the Altcoin Catch-Up

A data-driven look at how Washington’s Crypto Week and record ETF inflows are tilting Bitcoin dominance, fuelling altcoin catch-up trades.

Mint Finance

Bitcoin & Ethereum - June 10, 2025

More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value...

VRS (Valuation & Research Specialists)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Interpreting Circulating Supply Effects on Token Valuation: MC Vs FDV

Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token...

Animoca Brands Research

Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

​Maple is becoming a major on-chain credit venue with $2.1 bn in deposits and $1.24 bn lent, offering lower collateral ratios for pre-qualified...

Tatja Karkkainen

New Barbarians Podcast | Episode #029 | Recap & Reset: Macro Shifts, Ethereum's Spike, MicroStrat...

Mark and Bill discuss global assets, market trends, monetary policy updates, and recent tariff threats, while sharing insights from interns and...

William Mann

Crypto Week Unleashes a Bitcoin Blitz and Sparks the Altcoin Catch-Up

A data-driven look at how Washington’s Crypto Week and record ETF inflows are tilting Bitcoin dominance, fuelling altcoin catch-up trades.

Mint Finance

Bitcoin & Ethereum - June 10, 2025

More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value...

VRS (Valuation & Research Specialists)

Maple is becoming a major on-chain credit venue with $2.1 bn in deposits and $1.24 bn lent, offering lower collateral ratios for pre-qualified...