How ridiculous are the real valuations of Binance, Bitmain, etc.? Hurun Rankings once supported Interstellar Snail

The recent Hurun Unicorn Rankings have attracted the attention of the blockchain industry. A total of 11 companies in the cryptocurrency field are on the list, and the content is still as ridiculous as ever, worthy of the Hurun who once supported the IPFS scam Interstellar Snail (according to All Weather Technology).

There are generally several algorithms for valuing unicorns: the first is to determine it based on its valuation in the last round of financing; the second is to use companies with similar revenue and profits as a reference for valuation, or to value it at a certain ratio; the third is to use revenue, profit, development prospects, and industry as the basis for valuation.

Hurun should have calculated the valuation of Coinbase based on the $8 billion it raised in 2018. So where did the 35 billion yuan in added value come from? Two years later, Coinbase’s influence has grown, and its valuation is definitely higher than that of 2018. As one of the two major exchanges alongside Binance, it is undoubtedly worth more than $10 billion.

Bitmain is valued at 30 billion RMB. Considering that Zhan Ketuan proposed to buy Wu Jihan's shares for 4 billion USD, this number is not a big problem. But the reason that "Canaan's stock price performance was average after listing" is obviously inappropriate. The weakening of monopoly power and internal division are more important reasons. Another question is that Shenma Mining Machine, which competes with Bitmain, is not on the list. Doesn't it even have a valuation of 7 billion RMB? Shenma should be valued at at least 1.5-2 billion USD.

Binance is valued at 20 billion RMB, less than 3 billion USD, and only 1/3.5 of Coinbase. Is this funny? Previously, there was news that Binance was raising funds at a valuation of 10 billion USD. Although the current market is not as good as in early 2018, its business development and ecology are more extensive, and a valuation of more than 10 billion USD is certain.

As for Ripple (70 billion) and Circle (20 billion), which have always been at the top of the Hurun blockchain rankings, I don’t believe that they didn’t pay Hurun advertising fees. Larry from The Block once questioned that Ripple’s valuation was only $400 million and Circle’s valuation was only $600 million. Now that Circle has laid off employees and is in decline, it may not even have $600 million, but Hurun still gave the same valuation of 20 billion yuan as Binance.

As for Kraken, it is impossible to be stronger than Binance in any field, and even lags behind OKEx and Huobi. But the latter two are not on the list at all. Hurun's valuation of Kraken is 10 billion more than Binance. The valuation of OKEx and Huobi should be between 4 billion and 6 billion US dollars.

In addition to the valuation confusion and the omission of OKEx, Huobi, Shenma, etc., Hurun also omitted Bitfinex and Tether, the issuer of USDT it controls. USDT is already the fourth largest cryptocurrency, and it won’t take long for it to surpass Ripple to become the third largest cryptocurrency. Bitfinex is also an important exchange, but it still does not appear on this list at all.

As for emerging derivatives giants such as Bitmex, bybit, and FTX, their valuations are definitely above RMB 7 billion, and Bitmex is probably above USD 2 billion, but they still do not appear on this list. In short, this list can only highlight Hurun’s ignorance of the blockchain industry.

(Hurun supports Star Snail)

As an aside, Hurun initially established his reputation by hyping up the rich list. These so-called rankings do not have to be taken seriously, and he also has a dark history in the blockchain field. According to All Weather Technology, Hurun once received money to endorse Interstellar Snail, which is an IPFS mining machine scam project that swindled billions.