Not that there ISN'T a scam going on here, but is there a way to get that valuation through the regular IPO big bank shenanigans? I am guessing underwriters are adding premiums for:
established brand name
stablecoin USDC
entry point for many graduates of Robinhood/PayPal etc
known team
high fees that aren't slowing down utilization
wallet, which creates duplicate fees
assets are mostly premium crypto, and estimates of price appreciation are all over the place, but include BTC = 1 million and stuff like that
Those are all kind of legit, although they don't get to the valuation. So, I think they are adding +++ for silly things like
people adding a 0 to the price of anything exposed to crypto
test balloon for crypto IPOs
starving VC backers who are only 100Billionaires and can't afford food
building hype even if they back off that valuation
creating sell and divesting opportunities for insiders...even if they back off that valuation
Big money doesn't need to scam to cheat, right?
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