-54%

est. 2Y upside i

FinTechSeries B

EDX Markets is a Sequoia-backed company since 2022.

Rank

#1580

Sector

Fintech, Digital Asset Exchange

Est. Liquidity

~3Y

Data Quality

Data: Medium

EDX Markets presents a moderate upside opportunity, primarily driven by its strong institutional backing and differentiated non-custodial, regulatory-focused model in a large, growing market.

Last updated: March 10, 2026

Bull (30%)+200%

EDX Markets successfully captures significant institutional market share, driven by its non-custodial model, regulatory compliance, and expansion into new asset classes and geographies. Revenue scales to over $50M by 2028, justifying a $750M valuation at 15x revenue, representing a 200% upside from the assumed current valuation.

Base (40%)+50%

EDX Markets continues to grow steadily within the institutional digital asset space, maintaining its niche against larger competitors. Revenue reaches $25M by 2028, leading to a $375M valuation at 15x revenue, a 50% upside from the assumed current valuation.

Bear (30%)-60%

Regulatory headwinds or increased competition from incumbents like Coinbase and Binance, who aggressively enter the institutional non-custodial space, limit EDX's growth. Revenue stalls at $10M, leading to a down round or acquisition at $100M, resulting in a 60% downside for common stock given the significant liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors have invested an assumed $100M, which represents 40% of the assumed $250M current valuation.

Dilution Risk

moderate

As a Series B company, EDX Markets will likely undergo at least one or two more funding rounds before a potential liquidity event, leading to further dilution of common shares.

Secondary Liquidity

limited

EquityZen offers a marketplace for accredited investors to buy pre-IPO shares, indicating limited secondary liquidity for existing shareholders.

Questions to Ask at the Interview

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

  • 1

    “Given the strong backing from traditional finance giants, how does EDX Markets plan to leverage these partnerships to further differentiate itself from crypto-native exchanges like Coinbase and Binance in the institutional space?”

  • 2

    “With current revenue at ~$6M and a large TAM, what are the key milestones and growth strategies EDX Markets aims to achieve over the next 24 months to significantly scale its transaction volume and revenue?”

  • 3

    “As a Series B company with an undisclosed valuation, how does EDX Markets communicate its equity value and potential liquidity timeline to employees, especially considering the preference stack from prior funding rounds?”

Community

Valuation Sentiment

Our model estimates -54% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

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