GTGTX Financial Model
Crypto/Web3 Startup Financials (Free Excel Download)
Cross-asset trading marketplace for crypto bankruptcy claims, crypto spot/futures, and eventually stocks.
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About this model
GTX proposed a cross-asset marketplace for crypto bankruptcy claims, crypto spot and futures trading, and eventually equities. Its near-term opportunity was distressed claims from failed crypto platforms, combined with a liquid exchange proposition designed to bring those claim holders and digital-asset traders to one venue.
The company was raising a $25 million seed round and cited a global base of potential FTX depositors, but had no operating history in the deck. Claims trading differs materially from conventional exchange flow: inventory is episodic, pricing depends on recovery expectations, and compliance and settlement processes are more involved.
Model bankruptcy-claim listings, average claim value, match rate, and transaction take rate separately from spot and futures volume. Add liquidity-provider incentives, compliance, legal and settlement operations, market making, and technology costs. Recovery assumptions, claims supply, trading adoption, take rate, and liquidity depth should be the main scenario variables.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About GTX
How to build a detailed financial model for GTX
A complete walkthrough of the business, drivers, and assumptions behind the downloadable GTX model - distilled from its pitch deck and publicly available information.
Product & value proposition
- GTX is a public orderbook marketplace for trading crypto bankruptcy claims (initially FTX, Celsius, BlockFi, Mt. Gox).
- Creditors can hold claims to maturity or sell them immediately; claims can also be used as margin collateral for crypto trading.
- Phase 2: full crypto spot and futures exchange filling the vacuum left by FTX collapse.
- Phase 3: regulated securities lending / stocks platform targeting the $2 trillion securities lending market.
- Technology: 60+ developers, 10 years of exchange operating experience; cross-collateral margining, risk/matching engine, REST/WebSocket/FIX API, clearinghouse integration.
- Equity incentive: claim holders who trade on GTX receive pro-rata equity in the new exchange based on claim size.
Market
- Crypto claims TAM: $20 billion estimated notional value of crypto claims.
- Over 1 million depositors on FTX alone caught in bankruptcy proceedings.
- FTX claims trading at ~10% of face value on existing platforms.
- Crypto exchange market: referenced as "power vacuum left by FTX" - no explicit TAM figure given.
- Securities lending market (Phase 3): $2 trillion.
Revenue model
- Transaction fees on claims trading: 0.25%–0.50% per trade; dramatically lower than XClaims (5–10%) and Claims-Market (varies).
- Implied crypto exchange fee revenue (Phase 2): standard maker/taker model assumed but not stated - Not in deck.
- Lending / margin revenue (claims as collateral): implied but not quantified - Not in deck.
- No subscription, SaaS, or listing fee model mentioned.
Traction & metrics
- No live traction - company is pre-launch as of January 2023.
- Target launch: end of February 2023.
- Claims domination target: within 2–3 months of go-live.
- No revenue, user count, or volume figures disclosed.
Competition / moat
- Named competitors (claims market): XClaims (fees 5–10%), Claims-Market (fees vary).
- GTX differentiators vs. both: orderbook-based marketplace, use of claims as collateral for trading, streamlined onboarding - features neither competitor offers.
- Broader crypto exchange moat: experienced team (60+ devs, 10 years ops), tech stack already built via CoinFLEX.
- Regulatory angle: "no regulatory debt unlike other exchanges" positioned as advantage for expanding into regulated markets.
Team & funding ask / use of funds
Founders:
- Kyle Davies - Co-founder of Three Arrows Capital (3AC) 2012–2022; grew from $1.2M to $4B+ AUM; 40x FX, 80x crypto returns before 3AC insolvency.
- Su Zhu - Co-founder of Three Arrows Capital (same bio as Kyle Davies).
- Mark Lamb - Co-founder of CoinFLEX (2019–present); previously Coinfloor (first UK bitcoin exchange, 2013); built exchange to $300M valuation with billions in daily volume.
- Sudhu Arumugam - Co-founder of CoinFLEX.
Executive Team:
- Kent Deng - CTO; ex-Oracle; manages teams from Alibaba, Tencent, Oracle, Huawei.
- Leslie Lamb - CMO; Crypto Unstacked Podcast (top 10% globally); ex-Amber Group institutional sales; ex-Brown Brothers Harriman private banking.
- Ewelina Mielecka - CDO; 10 years crypto custody and settlement.
Funding ask: $25M seed round.
Use of funds:
- Complete legal setup and tech stack.
- Streamline FTX and other bankruptcy claims onboarding and primary marketplace.
- Establish marketing strategy for scalable growth.
- Build one-stop shop for crypto and stock trading.
Recommended financial model
Archetype + why: Marketplace GMV / transaction-fee revenue model, phased by product line:
- Phase 1 (Claims): volume × take rate (0.25%–0.50%) on notional claims traded.
- Phase 2 (Crypto exchange): maker/taker fee model on spot/futures volume - standard crypto exchange P&L.
- Phase 3 (Stocks/securities lending): regulated securities lending spread model (further out; minimal weight in near-term model).
Primary output should be a fee-revenue waterfall from each phase, rolling into a combined P&L.
Forecast horizon & granularity:
- 3 years (2023–2025), monthly for Year 1 (critical - claims market is time-limited), quarterly thereafter.
Key drivers & assumptions:
*Claims Phase (Year 1):*
- Total addressable claims notional: $20B - but this is the outer bound; FTX alone is the main initial listing.
- Market penetration (% of claims notional that trades through GTX): 5% in Y1, 15% Y2 - rationale: XClaims processes a small fraction; GTX enters with strong fee advantage but is unproven.
- Average fee rate: 0.375% (midpoint of 0.25%–0.50%).
- Velocity: average claim may trade 1–2x over the life of the bankruptcy - claims market has a finite shelf life as proceedings resolve.
- Implicit face-value discount: claims trade at ~10% of face value - so "real" volume is 10% of notional; model should use notional (fee charged on stated claim value) or traded price - need clarification.
*Crypto Exchange Phase (Year 1–2):*
- Daily trading volume: $50M–$200M in Y1 ramp - rationale: CoinFLEX previously saw "billions in daily volume"; post-FTX vacuum is real but trust/liquidity is hard to rebuild.
- Blended fee rate: 0.05%–0.10% maker/taker (industry standard for mid-tier exchange).
- Monthly active traders: driven by claims user base converting to crypto trading (key flywheel assumption).
*Operating Costs:*
- Engineering headcount: 60+ developers implied; burn rate ~$500K–$1M/month at seed stage.
- Legal/compliance: material given bankruptcy onboarding complexity - $1M–$2M Y1.
- Marketing: modest initially; community-driven via claim holder equity incentive.
- Seed capital runway: $25M; 18–24 months at projected burn.
Scenarios (Base / Bull / Bear - which variables flex):
- Base: 10% claims penetration Y1; crypto vol ramp to $100M/day by end Y1.
- Bull: Claims market captures 25% of notional; crypto vol $300M/day by Y2 (FTX vacuum captured); securities lending pilot live Y2.
- Bear: Claims market is tiny (legal friction, slow onboarding); crypto exchange struggles to attract liquidity; burn exceeds $25M before breakeven.
- Key flex variables: claims penetration rate, crypto exchange daily volume, regulatory delays, 3AC founder reputational risk.
Required sheets / outputs:
- Assumptions - all drivers in one place, colour-coded vs..
- Claims Revenue - notional × penetration rate × fee bps, monthly Y1.
- Crypto Exchange Revenue - daily vol × trading days × blended fee rate.
- (Optional) Securities Lending Revenue - placeholder only, Y3+.
- OpEx - headcount, legal, infra, marketing, G&A.
- P&L - revenue by segment, gross profit, EBITDA, net income.
- Cash & Runway - starting $25M, monthly burn, months-to-zero.
- Scenario toggle - Base/Bull/Bear switcher on Assumptions sheet.
Frequently asked
Is the GTX financial model free?+
Yes. The GTX model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from GTX's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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