Bison Trails

bisontrails.co →

-85%

est. 2Y upside i

DevOps & InfraSeries A

Bison Trails, acquired by Coinbase and now part of Coinbase Cloud, provides a platform for users to run secure infrastructure on multiple blockchains.

Rank

#3925

Sector

Blockchain Infrastructure

Est. Liquidity

~2Y

Data Quality

Data: Low

Despite a prior positive model, this equity is unattractive.

Last updated: July 3, 2026

Bull (10%)0%

Exit multiple holds at 76x on flat revenue of $6M, yielding $456M exit value, essentially breakeven for common stock. This scenario assumes sustained high multiples driven by Coinbase platform integration and blockchain hype.

Base (55%)-90%

Revenue stays flat at $6M while exit multiple converges to public comp range of 7.5x, implying a $45M exit. This results in a 90% loss from the entry valuation of $457M.

Bear (35%)-100%

Revenue flat at $6M, exit multiple compresses to 2x due to intense competition from AWS and Google Cloud, yielding $12M exit value below the $30.75M liquidation preference, wiping out all common equity.

Est. time to liquidity~2.0 years

Preference Stack Risk

low

Funding Intensity

670%

Total funding of $30.75M against $457.3M valuation represents a 6.7% preference stack, low risk.

Dilution Risk

low

No further dilutive rounds expected due to parent company Coinbase's support, limiting dilution risk.

Secondary Liquidity

none

No secondary market activity reported; equity is completely illiquid.

Questions to Ask at the Interview

Strategic questions based on Bison Trails's data — designed to show you've done your homework.

  • 1

    “How does Bison Trails' current $6M revenue align with the $457M acquisition valuation, and what is the post-acquisition growth strategy?”

  • 2

    “What specific revenue initiatives or partnerships are in place to drive growth beyond flat revenue?”

  • 3

    “Given the subsidiary structure, how is employee equity structured and what liquidity events are anticipated?”

Community

Valuation Sentiment

Our model estimates -85% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.