Model_-_CyberTrust_(eng)_v.1.4.xlsx
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Financial model
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Company nameCyberTrust Custody S.A.
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Period beginning1/1/2018
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CurrencyUSD
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Colorsinput data
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calculation
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link
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Executive summary
Units2018F2019F2020F2021F2022F
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Operating income
$ mn $ 442.0 $ 138,966.2 $ 918,909.4 $ 31,442.9 $ 32,071.7
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% growth%31440.3%661.2%3.4%102.0%
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Net Income
$ mn $ 132.1 $ 103,286.4 $ 698,957.1 $ 22,941.1 $ 23,612.2
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% margin%29.9%74.3%76.1%73.0%73.6%
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Equity value
$ mn $ 1,823.6
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Arbitrage forecast
Units2018F2019F2020F2021F2022F
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BTC price
USD $ 17,000.00 $ 24,523.18 $ 35,375.67 $ 51,030.81 $ 73,613.99
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GBTC share price
USD $ 4,010.78 $ 5,785.72 $ 8,346.13 $ 12,039.62 $ 17,367.64
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GBTC NAV/share
USD $ 1,700.00 $ 2,452.32 $ 3,537.57 $ 5,103.08 $ 7,361.40
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Spread
USD $ 2,310.78 $ 3,333.40 $ 4,808.56 $ 6,936.54 $ 10,006.24
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% of GBTC share price%58%58%58%58%58%
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Cover
Inputs
Revenue
Costs
CAPEX
Arbitrage
Valuation
VAR analysis
IS
BS
CFS
BTC Price