Valuation Library
Core Corpus
The minimum literature map for serious crypto valuation work.
This corpus separates valuation method, asset-pricing evidence, tokenomics, monetary premium, market structure, and policy classification. It is not a reading list for hype. It is the source layer behind Crypto Value Lab’s framework work.
Valuation Foundations
3 curated entries.
Investment Valuation
Canonical valuation text for cash flows, discount rates, growth assumptions, relative valuation, and intrinsic value discipline.
Baseline language for converting uncertain future economics into explicit assumptions and valuation ranges.
Narrative and Numbers
Connects valuation models to narrative discipline and shows how stories translate into numbers.
Essential for crypto because token valuation often starts as narrative and must be forced into explicit drivers.
Financial Statement Analysis and Security Valuation
Framework for linking accounting information, profitability, residual income, and valuation.
Useful mainly as a contrast case: most crypto assets lack conventional financial statements, so the absence itself becomes a valuation classification problem.
Asset Pricing Foundations
5 curated entries.
Asset Pricing
Unifies asset pricing around the stochastic discount factor and expected discounted payoffs.
Useful for asking whether crypto returns are priced risk, behavioral demand, monetary premium, or network-option exposure.
Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk
Classical CAPM framework linking expected return to systematic risk exposure.
Useful as a foil for testing whether crypto assets behave like financial risk assets, monetary assets, or hybrids.
The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets
Independent formulation of equilibrium risk asset valuation and portfolio selection under uncertainty.
Part of the classical baseline crypto valuation must either map into or explicitly depart from.
The Cross-Section of Expected Stock Returns
Shows that size and book-to-market explain cross-sectional stock return variation beyond market beta.
Useful for asking whether crypto needs native factors rather than borrowed equity factors.
A Five-Factor Asset Pricing Model
Adds profitability and investment factors to the classic Fama-French framework.
Useful as a warning against simple one-factor explanations; crypto may need multiple orthogonal drivers too.
Crypto Asset Pricing
2 curated entries.
Risks and Returns of Cryptocurrency
Documents that cryptocurrency returns are not well explained by standard stock, currency, commodity, or macro factors.
Core bridge between empirical asset pricing and crypto-specific return drivers such as momentum, attention, and network effects.
A Three-Factor Pricing Model for Cryptocurrencies
Proposes market, size, and reversal factors for cryptocurrency returns.
Useful starting point for crypto-native factor structure, even if later samples may challenge reversal versus momentum.
Crypto Valuation and Tokenomics
3 curated entries.
Tokenomics: Dynamic Adoption and Valuation
Models token value through transactional demand, network effects, and endogenous platform adoption rather than standard cash-flow discounting.
Central for protocols whose value depends on adoption feedback loops and token-mediated network usage.
On the Value of Virtual Currencies
Develops a framework for virtual currency value through transaction use, forward-looking investor demand, and adoption dynamics.
One of the cleanest attempts to separate payment utility from speculative demand.
Active Tokens and Crypto-Asset Valuation
Introduces Active Token Balance, Active Market Capitalization, and Active Token Price using token dormancy and active holder behavior.
Useful empirical method for on-chain valuation where active supply matters more than headline circulating supply.
Bitcoin, Monetary Premium, and Network Security
2 curated entries.
An Equilibrium Valuation of Bitcoin and Decentralized Network Assets
Models demand for bitcoins and supply of hashrate, with equilibrium price determined through a fixed-point problem.
Useful because it links Bitcoin value to decentralized network security rather than treating BTC as a generic commodity.
Decentralizing Money: Bitcoin Prices and Blockchain Security
Studies Bitcoin prices and decentralized security, showing how price, miner incentives, and attack risk interact.
Important for Bitcoin monetary-premium work because security and valuation are jointly determined.
Stablecoins and Tokenization
1 curated entries.
Stablecoins versus Tokenised Deposits: Implications for the Singleness of Money
Compares stablecoins and tokenised deposits through the lens of monetary singleness and settlement design.
Useful for distinguishing crypto-native stablecoins from tokenized bank-money claims.
Practitioner Frameworks
3 curated entries.
Valuation of Cryptoassets: A Guide for Investment Professionals
Practitioner guide reviewing relative and fundamental valuation approaches for cryptoassets.
Useful institutional-language bridge between traditional investment professionals and crypto-native valuation methods.
Fundamentals for Crypto
Standardizes crypto network metrics such as fees, revenue, users, token incentives, and tokenholder capture.
Useful for mapping protocol activity into financial KPI language without pretending all tokens are equities.
ETHval Intrinsic Value Dashboard
Aggregates multiple Ethereum valuation models across traditional and crypto-native methodological categories.
Important precedent for transparent multi-model ETH valuation and scenario-based methodology display.