Bitfinex made over
I would not say that the valuation of Bitfinex is all that outrageous. The high level of debt the company has might be a concern though.
$6MM income, is that revenue or net profit?
Even assuming its net profit, $6MM on a $200MM valuation (the fact their debt tokens are selling cheaper than face value does not diminish the valuation they have put on it) is beyond obscene (3% yearly growth). They are already a market leader (there will be no quick growth from here on out), still huge risk of failure (regulatory, crippling debt, terrible 5 forces situation etc) on top of a management team that has proven itself to be incompetent. This is a very pricey investment for the amount of risk involved.
They should be looking a valuation closer to $50MM.
On a YoY basis, both revenue, and net income have grown by double digits from last year.
If a potential investor wanted to buy equity in Bitfinex, they could purchase BFX tokens at a discount, and convert those BFX tokens into Bitfinex (or the entity that is actually selling shares on Bnktothefuture), giving an effective valuation of closer to $100 MM. If an investor wanted to buy a large amount of shares, does not already own BFX tokens, then their buying of BFX tokens would likely push up their effective valuation because the price of the BFX tokens would likely increase.
Bitfinex could potentially increase their revenue/income by introducing new products, for example, I have heard them talking about offering deliverable options, and new trading pairs that generates high trading volumes.
In regards to your valuation estimate, an appropriate valuation is a conclusion that needs to be made by an investor considering to invest.