Joshua Smeltzer of Gray Reed sits down with Rohan Bose of Teknos Associates for a practical conversation on one of the most litigated issues in digital assets: valuation.

The price on the screen is not fair market value. A locked token is not the same as a freely traded token. High volume can still come from two or three wallets. And if a dispute arises you need a defensible number, not a ticker.

In this episode of Capital & Conduct they break down how digital asset valuation actually works. Traditional valuation principles still apply. The data, markets and restrictions do not. 

Rohan walks through market, cost and income approaches, lockups, discounts for lack of marketability, slippage on large positions, wash trading, stablecoins after the GENIUS Act, and how to value a token before a single unit has traded.

If you hold tokens, advise companies launching them, or may one day have to defend a value in court, this conversation is worth your time.