Orion Depp, a leading institutional cryptocurrency VC fund manager and founder of Orion Research, has made publicly available his original Binance Coin (BNB) report, which was first released when BNB was priced under $10 in February 2018. As one of the first crypto research analysts in the United States to cover “altcoins,, Orion and his Binance BNB research report helped to usher in the acceptance of Altcoins as a legitimate asset class by traditional money managers and buy-side mutual funds in 2018 and beyond.
Originally published when Binance Coin ($BNB) traded at $9.85, the report projected a price target of $100, citing Binance’s innovative approach to creating token demand with token buybacks & burns, its profitability, and anticipated catalysts. At a time when such analyses were rare and prior to the explosion of crypto Twitter, the original report helped to elevate BNB as a prominent altcoin and foster institutional interest in cryptocurrency beyond Bitcoin and Ethereum.
“When we published the original Binance BNB report, the crypto market was dominated by giants like Bitcoin and Ethereum,” said Orion Depp. “Focusing on an emerging altcoin like BNB was seen as high-risk, but I recognized CZ’s vision and the potential in Binance’s ecosystem. Today, BNB stands as one of the most respected cryptocurrencies globally, validating the prediction.”
In 2018, cryptocurrency markets were still in their infancy, and altcoins lacked credibility afforded to more established tokens. Orion Depp was one of the first traditional sell-side equity research analysts to initiate coverage on alternative cryptocurrencies, known today as “Altcoins,” spearheading the use of traditional equity valuation models for cryptocurrencies as well the use of fundamental research, relative valuation (COMPS), and catalyst identification.
Beyond Binance Coin, Orion Depp later initiated coverage on other now notable projects such as Zcash (ZEC), Decred (DCR), Ontology (ONT), and VeChain (VET). In 2021, he co-founded Master Ventures Management (MVIM), a crypto VC fund focused on blockchain-based projects. Orion has also provided strategic guidance, as a crypto project advisor, to over 20 blockchain projects in ecosystems such as Solana, SUI, and Ethereum.
Revisiting the original report aligns with a renewed wave of institutional interest in the cryptocurrency market. “This report serves as a reminder of the importance of sticking to fundamental principles when evaluating assets, whether they are traditional equities or digital currencies,” said Orion Depp. “The methods used to analyze BNB in 2018 are still applicable in today’s market and offer valuable lessons for navigating a maturing crypto landscape.”
Relaunching Orion Research
The reissuance of the Binance Coin report is part of the broader relaunch of Orion Research. The platform aims to provide high-quality analysis for institutional investors seeking deeper insights into the cryptocurrency space. Orion Research focuses on:
– Event-Driven Analysis: Identifying opportunities linked to specific market developments.
– Detailed Research Insights: Delivering in-depth evaluations tailored for sophisticated investors.
– Broad Sector Coverage: Offering analysis on sectors including Layer 1 protocols, decentralized finance (DeFi), AI Agents, and blockchain-based gaming.
Research Coverage and Availability
The full Binance Coin ($BNB) research report is now accessible to the public at Orion’s Medium: Orion Depp. The research platform provide research coverage on 14 cryptocurrencies across multiple sectors, including: Aptos ($APT), Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), ChainGPT ($CGPT), Genopets ($GENE), Sui ($SUI), Algorand ($ALGO), Hedera ($HBAR), Stellar ($XLM), Ripple ($XRP), Dogecoin ($DOGE), Toncoin ($TON), and Movement Labs ($MOVE).
Research reports will be published bi-monthly on Orion Depp’s X (formerly Twitter) and Medium profiles. Upcoming reports will examine key market drivers, such as product launches and ecosystem advancements.
About Orion Depp
Orion Depp is a crypto VC fund manager, research analyst, and crypto project advisor with specialty in the crypto capital markets. He is the co-founder and former managing partner of Master Ventures Investment Management, a leading crypto VC fund, and has advised over 20 blockchain projects, in the Solana, SUI, and Ethereum ecosystems. His specialties include tokenomics, fundraising, and exchange listings on platforms like Binance and Coinbase. A former management consultant at Bain & Co. and equity analyst for a global top-10 hedge fund, Orion holds advanced degrees in finance from The Wharton School and USC. He is ranked the #6 crypto influencer on Fanadise’s CryptoRank.
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