In the fast-evolving digital asset ecosystem, one principle remains constant: valuation consistency and defensibility are essential to investor trust.
As crypto funds mature and regulatory expectations rise, fund managers are asking sharper questions about how to apply traditional valuation standards to emerging asset structures.
In the latest episode of The Value Add Podcast, Houlihan Capital’s Monica Blocker, Director of Business Development, sits down with Joe Brennan, Head of the firm’s Crypto Asset Valuation Practice, to unpack the five valuation questions we hear most often from crypto fund managers - and what those questions reveal about the state of the market.
“Consistency is key - especially when working with auditors and marking up or down SAFE investments.”
- Monica Blocker
What You'll Learn in This Episode:
Drawing on years of experience working with digital asset funds, Monica and Joe break down the most complex and recurring issues shaping today’s valuation environment:
- When and how to mark up or mark down SAFE investments
- How to treat locked tokens - and whether discounts still apply
- The challenges of valuing hybrid instruments like SAFE + token warrants
- What to do when information rights differ between investors
- How to ensure audit defensibility and valuation consistency across your portfolio
“Locked tokens aren’t the same as freely traded tokens - the discount still matters.”
- Joe Brennan
Why This Matters:
Beyond technical methodology, these questions point to a broader shift in the industry: audit expectations are rising, and investor scrutiny is intensifying. Funds are being asked to demonstrate not only how valuations are derived, but also that their processes are consistent, regulator-aligned, and repeatable.
A disciplined, independent valuation approach doesn’t just check compliance boxes - it builds investor confidence, reduces audit friction, and strengthens transparency across the portfolio.
Watch the Full Episode of The Value Add Podcast:
About Us:
Houlihan Capital applies traditional valuation methodologies to emerging digital assets, helping funds deliver defensible, regulator-aligned, and transparent results for auditors and investors alike.
As one of the Top Crypto Valuation Providers, Houlihan Capital’s Cryptoasset Valuation team helps funds navigate complex Crypto Valuation Questions with precision and transparency. Recognized as a Best Crypto Valuation Provider, our firm supports managers in achieving consistent, audit-ready outcomes.
Email us at
info@houlihancapital.com
to talk more about your valuation needs.
In This Video:
