Answers
How are bitmaps valued?
The answer
By the same three methods as any land, with one of them structurally unavailable for now. Comparable sales work and are the market's default. Location works in a limited sense — low block numbers, blocks carrying notable transactions, and contiguous runs trade at a premium. The income method, which is the only one that turns a parcel into an asset, requires applications on the land, and that is where the category is still early.
The firm's position on virtual land valuation applies here without amendment: where footfall and lease income cannot be evidenced, only the comparable method survives, and it prices sentiment rather than cash flow. Bitmap improves the denominator of that problem — supply is genuinely fixed and independently verifiable, which removes the single largest diligence risk in earlier digital land markets — but it does not by itself supply tenants. A buyer should be clear about which of the two they are underwriting.
The practical diligence questions are therefore narrower than they were in 2021, and sharper. Is the claim the first valid inscription for that block height, verifiable on chain. Is the position contiguous or scattered, because assembly is what allows anything to be built. And does the holder have any route to development, or is the thesis simply that someone else will build later. The last question is the one that separates an operating business from a stack of claims.