Ok let's see.
Average funds per user in custody is 4500$.
Organic or referred new customers 80percent is an incredibly misleading number.
I know that in this industry lead generation, rev share or signup deals are very lucrative/expensive, only crypto exchanges and online casinos pay out more.
If they are holding 4500 on average and and we assume 2 percent commission fees, then that will be 90 use life time value on average, let's not even calculate the acquisition costs, might well be that 80percent come from referrals.
That will be 1.6 annual revenue before marketing cost, salaries, referrals, rent etc.
Maybe they sell some customer data but what would a good stock price estimate be here?
How many shares will be issued?