NYCE Research
Enterprise Value Per Transacting User
Comparable analysis across public and private financial platforms. How the market values each monthly transacting user — and what that means for NYCE.
The Metric: Monthly Transacting Users (MTUs)
The industry standard for valuing a financial platform's user base is enterprise value per monthly transacting user (MTU) — users who execute at least one transaction within a given period. This is distinct from "verified users" (anyone with an account) or "registered users" (anyone who signed up).
MTU is the metric that matters because it represents demonstrated purchasing intent. A verified user is someone you can market to. A transacting user is someone who acts.
Comparable Platforms
| Platform |
Valuation |
MTUs / Funded |
EV / MTU |
ARPU |
| Coinbase |
$82B |
8.7M MTUs |
$9,425 |
$980/yr |
| Kraken |
$20B |
2.5M funded |
$8,000 |
$700+/yr |
| Robinhood |
$50B |
26.8M funded |
$1,865 |
$764/yr |
| eToro |
$5.6B |
3.73M funded |
$1,512 |
$250/yr |
Sources: Coinbase Q2 2025 earnings; Kraken 2024 financial highlights + Nov 2025 funding round; Robinhood Q3 2025 earnings; eToro Q3 2025 earnings + May 2025 IPO.
Distribution Precedent: In 2021, Public.com received a $1.2B valuation on approximately 1M email subscribers — a distribution-first platform valued on reach and conversion potential, not exchange infrastructure. That implies ~$1,200 per contactable user on the lowest-intent channel in fintech. For context, NYCE's MTUs represent demonstrated purchasing intent on Nasdaq Private Market — a materially stronger engagement signal than an email list.
Source: Public.com Series D, February 2021 ($220M raise, $1.2B post-money valuation). Investors: Accel, Tiger Global, Greycroft, Lakestar. BusinessWire.
NYCE's Position
NYCE operates as a retail distribution network — the audience, the brand, and the funnel that drives investors to transact on platforms like Nasdaq Private Market. NYCE does not custody assets or process trades. The value is in the network itself: 2.5M+ members who can be reached, activated, and converted.
The distinction between owning the exchange and owning the distribution is, from a monetization standpoint, immaterial. Whether we reach investors through a proprietary platform or via Meta, WhatsApp, and email, the conversion economics are the same. A customer we can reach and convert is a customer we can reach and convert — regardless of where the data sits.
Applying the MTU Metric
$1,000
Conservative EV/MTU
(floor estimate)
$3,800
Mid-range EV/MTU
(Kraken comp)
$9,425
Ceiling EV/MTU
(Coinbase comp)
At the conservative floor of $1,000 per transacting user:
| Active Traders on NPM |
@ $1,000/MTU |
@ $3,800/MTU |
@ $9,425/MTU |
| 1,000 |
$1.0M |
$3.8M |
$9.4M |
| 5,000 |
$5.0M |
$19.0M |
$47.1M |
| 10,000 |
$10.0M |
$38.0M |
$94.3M |
Key takeaway: Each active trade on Nasdaq Private Market can represent up to $1,000 in enterprise value at the conservative end — and significantly more when benchmarked against Coinbase ($9,425/MTU) and Kraken ($8,000/MTU).
What that means in practice:
• 1,000 traders = $1M–$9.4M in implied enterprise value
• 5,000 traders = $5M–$47M in implied enterprise value
• 10,000 traders = $10M–$94M in implied enterprise value
At scale, this can materially increase our asking price, creating greater value for NYCE shareholders.
Important context: This analysis reflects the implied EV contribution of active NPM traders as one component of NYCE’s total enterprise value — additive to the company’s existing valuation on Nasdaq Private Market, its intellectual property, brand, and distribution infrastructure. It is not a standalone asking price for NYCE.
Methodology Notes
- This analysis applies exclusively to Nasdaq Private Market transacting users — not the broader NYCE community ecosystem of 2.5M+ members, which is managed largely via Meta and valued separately as a distribution and audience asset.
- NYCE does not own Nasdaq Private Market. NYCE's value is in its retail distribution network — the ability to drive investor activity to platforms where transactions occur.
- MTU is used as the primary comp metric rather than "verified users," because verified users simply represent individuals within an ecosystem you can market to. NYCE already does this via Meta, WhatsApp, and email at 2.5M+ scale. The MTU — someone who actually transacts — is the value-creating metric.
- Platform ownership vs. distribution economics: Whether investor data sits on a proprietary platform or is accessed through third-party channels (Meta, WhatsApp, NPM) does not change the monetization potential. The ability to reach, activate, and convert is what creates value.
- Conservative floor of $1,000/MTU is used in investor communications. This sits below every comp on the table — eToro ($1,512), Robinhood ($1,865), Kraken ($8,000), and Coinbase ($9,425). It represents a deliberately discounted figure appropriate for a distribution network rather than an exchange operator.
- All valuations and user counts sourced from public filings, earnings reports, and confirmed funding rounds as of Q3 2025.
Disclaimer: This document is for informational purposes only and does not constitute an offer to sell or solicitation to buy securities. Comparable valuations are derived from publicly available data on third-party platforms and do not represent guarantees of NYCE's valuation or performance. Past performance and third-party metrics are not indicative of future results. Investors should conduct their own due diligence.
Prepared by NYCE Management | February 2026