Let's break down this valuation math. If you bundle $4 billion worth of acquired companies and apply a 10-20x multiplier, the equity alone—without counting any XRP holdings—should land somewhere between $40 billion and $80 billion.

Now here's the real question: based on that framework, what's the implied valuation being assigned to XRP itself? The gap between total valuation and equity base tells you how the market is pricing the token. Worth digging into whether that premium makes sense or if the model's assumptions are doing heavy lifting.

XRP-5.46%

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