Delphi Digital analysts have renewed a debate over whether crypto tokens and company equity can share value without creating conflicting claims.
Summary
- Delphi analysts said equity usually captures company profits, limiting the value available to associated tokens.
- Projects can use vague token-equity boundaries to support valuations exceeding economic rights granted to holders.
- Buybacks, burns and fee sharing can connect token value to revenue, but execution remains project-specific.
During a July 15 roundtable, analyst Ceteris said token market capitalisations should usually remain below the value assigned to the related company because equity holders normally…
