The recent Grayscale report on digital assets valuation highlighted: top-tier market participants recognize tokens as investable asset class that could be analysed via equity-style lens.

In our recent report, we provide additional considerations how to make this analysis more precise: https://x.com/vasily_sumanov/status/2067984839458824454

• Revenue ≠ Holder Cash Flow in most cases. Since protocol revenue often doesn't accrue directly to token holders, identifying holder-captured cash flows is essential for accurate valuation.
• Revenue Eligibility criterias. Staking, locking, and governance requirements often create revenue-eligible and non-eligible subclasses of supply.
• Dilution adjustment. Accounting emissions and unlocks is important piece of analysis to calculate real holders economics

The purpose of this article is not to challenge Grayscale's framework, but rather to expand on it by discussing several important factors that can help investors better evaluate cash-flow-generating crypto assets.