Valuing Cryptocurrencies and Digital Assets: Can Value Exist Without Cash Flows?

Roberto Moro-Visconti ()
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Roberto Moro-Visconti: Catholic University of the Sacred Heart

Chapter Chapter 11 in Augmented Corporate Valuation, 2026, pp 497-529 from Springer

Abstract: Abstract This chapter establishes a practical framework for evaluating tokens in a world where traditional corporate valuation methods are no longer applicable. It explains why DCF, multiples, and asset-based methods misfire decentralized protocols lacking cash flows, balance sheets, or managerial control, then maps valuation to token types (store-of-value, smart contract platforms, DeFi, utility, governance, and stablecoins). It covers IFRS-driven accounting distortions, crypto-native approaches (including tokenomics, network metrics, and protocol fundamentals), and category-specific methods, such as fee-based models for DeFi and NAV logic for reserve-backed stablecoins. Finally, it integrates risk layers—regulatory uncertainty, smart contract failure, and data quality—into a workflow that yields probabilistic value ranges rather than false precision.

Keywords: Tokenomics; Network effects; Governance; Stablecoins; Regulatory risk (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-17903-6_11

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DOI: 10.1007/978-3-032-17903-6_11

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