Digital assets are hard to value not because prices are unavailable, but because there are too many prices – across venues with different depth, fees and regulatory status. Valtech Valuation provides independent crypto and digital asset valuation in Hong Kong under HKFRS 13 for tokens, security tokens, tokenised assets and digital contracts, for audit, fund NAV reporting and corporate financial statements.
What We Value
- Liquid tokens held by corporates, funds and treasury operations
- Illiquid, locked or vesting tokens
- Security tokens and tokenised interests in property, funds or debt
- Digital asset derivatives and structured contracts
- Holdings in digital asset businesses – exchanges, custodians, mining operations and protocol companies
- Pre-launch and pre-listing tokens with no trading history
Measurement Issues We Resolve
- Principal market – assessed on volume, the entity's access to the venue and the venue's regulatory status, then applied consistently.
- Lock-ups and vesting – a discount for lack of marketability, typically quantified with option-based methods rather than rules of thumb.
- Thin liquidity – whether a quoted price is realisable for a large position relative to daily volume.
- Valuation timestamp – markets trade around the clock, so the report fixes the exact time and price source.
- No trading history – valued from the rights the token confers: protocol cash flows, underlying assets or comparable launches.
- Custody and control – whether the entity controls the asset at all, before measurement arises.
Classification comes before valuation. Crypto assets are generally not cash or financial assets. Depending on the business model, holdings are often accounted for as intangible assets, or as inventory for broker-traders. The classification decides whether fair value is used at all, so we raise it at scoping.
Tokenised Assets and Security Tokens
Where a token represents an interest in an underlying asset – property, a fund, a bond or a revenue stream – we value from the underlying asset and the contractual rights the token gives, not token market data alone. Tokens can trade at a material premium or discount to what they represent, and it is essential to know which is being measured.
Frequently Asked Questions
Our tokens trade on several exchanges at different prices. Which do we use?
HKFRS 13 points to the principal market – the venue with the greatest volume that the entity can access – or, failing that, the most advantageous market, applied consistently across periods.
Can you value a token that has never traded?
Yes. We work from the economics the token confers and are explicit about the resulting measurement uncertainty.
Do you support digital asset fund NAV reporting?
Yes. We establish a documented valuation policy and market-selection framework that administrators and auditors accept, then apply it each period.
Why Hong Kong Companies and Funds Choose Valtech
Hong Kong's virtual asset regime has developed quickly, and digital asset valuations now face scrutiny from auditors, fund administrators, regulators and international investors.
- A strong team with outstanding international credentials – CPA, CFA, FRM, MRICS, ABV (AICPA) and China Certified Public Valuer qualifications gained in Hong Kong, the United States, the United Kingdom and Mainland China. In a new asset class, recognised credentials give your valuation credibility with authorities, auditors and international stakeholders.
- Senior members closely monitor every valuation – a director with digital asset experience is personally involved and signs the report. Your concerns are addressed by an experienced professional, not a generalist.
- Quantitative capability in-house – option-based lock-up discounts and Monte Carlo models built by our own team.
- ISO 9001 certified quality management – defined review steps before any report is released.
- Proven track record – more than 1,000 valuations and 18 years serving Hong Kong companies.
Request a Digital Asset Valuation Quotation
Tell us the assets held, any lock-up terms and your reporting date. A director-level valuer will reply with scope, fee and turnaround. Call +852 2388 9262 or email admin@valtech-valuation.com.
More detail: Crypto & digital asset valuation – Valtech Hong Kong
Valtech Valuation Advisory Ltd, Unit 2106, 21/F, Futura Plaza, 111-113 How Ming Street, Kwun Tong, Kowloon, Hong Kong. This article is general information, not valuation, accounting, tax or legal advice for any specific entity.