TOKENISED ASSET VALUATION

Digital Bonds, Tokenised Funds and Real-World Assets

De: Alessio Faccia

Narrado por: Virtual Voice

How do you value an asset when the security, fund unit or ownership claim moves onto a blockchain?

TOKENISED ASSET VALUATION provides a professional framework for pricing digital bonds, tokenised funds and real-world asset tokens by combining established finance with the economics of digital market infrastructure.

The book starts from a core principle: tokenisation does not replace fundamental valuation. Cash flows, credit quality, legal rights, liquidity, fees, leverage and investor protections still determine economic value. Digital architecture then changes the way those claims are issued, transferred, settled, administered and traded.

Readers learn how to separate the value of the underlying asset from the value effect created by tokenisation. The analysis covers digital bond cash flows, discount rates, credit spreads, default and recovery, settlement speed, collateral utility and the tokenisation premium. It then examines tokenised funds through net asset value, on-chain pricing, redemption mechanisms, secondary-market discounts, performance fees, smart contracts and automated fund administration.

The final part develops an asset-level framework for tokenised real estate, private credit and infrastructure. It explains how fractional ownership, leverage, cash-flow waterfalls, marketability discounts, custody, legal structure and oracle risk affect the value of individual tokens. Integrated valuation models connect underlying asset value with claim priority, token-specific costs, structural expected losses and measurable digital utility.

Key topics include:

• Digital bond valuation and yield estimation
• Tokenisation premiums and discounts
• Atomic settlement and liquidity
• Tokenised fund NAV and on-chain pricing
• Redemption, gates and secondary-market discounts
• Tokenised money market and private-market funds
• Fractional real-estate ownership
• Private-credit and infrastructure tokens
• Illiquidity and marketability adjustments
• Smart contracts and automated fund operations
• Custody, legal enforceability and oracle risk
• Integrated real-world asset token valuation

The book is designed for finance professionals, asset managers, investment analysts, valuers, accountants, auditors, bankers, treasury professionals, fund managers, private-market investors, fintech specialists, researchers and postgraduate students who need a financially rigorous approach to tokenised assets.

Rather than treating blockchain technology as an independent source of value, TOKENISED ASSET VALUATION shows how digital features enter valuation through identifiable financial channels such as lower transaction costs, faster settlement, stronger collateral mobility, wider investor access, custody expense, market depth and expected operational loss.

Practical equations, valuation structures and applied cases show how to move from underlying asset economics to token-level value without double counting liquidity, credit or structural risk.

The analysis is particularly useful for readers who need to compare a tokenised instrument with a conventional equivalent. It shows how to identify whether a price premium or discount comes from the underlying asset, legal claim, credit quality, illiquidity, settlement design, investor restrictions or the token infrastructure itself.

Whether you are evaluating a digital bond, a tokenised money market fund, a fractional property investment, private-credit tokens or infrastructure-backed digital securities, the framework keeps valuation grounded in cash flows, enforceable rights and measurable market conditions.

For readers working with digital securities, real-world asset tokenisation, tokenised bonds, private credit, tokenised funds, fractional property investment or blockchain-based capital markets, this book provides a structured bridge between traditional valuation and digital finance.