• Longfin's CEO and Chairman Venkat Meenavalli said on CNBC's "Fast Money" that the "market cap is not justified."
  • Longfin shares are up more than 1,000 percent to a market value above $3 billion after announcing Friday it was buying, a company focused on the blockchain technology behind bitcoin with zero revenue.
  • Filings for the deal reveal a confusing relationship between Meenavalli and Ziddu.

Shares of little-known financial technology company Longfin surged 1,342 percent in two days to a market value of $3.1 billion after buying a cryptocurrency company with no revenue.

To many, it was a textbook case of the mania surrounding digital currencies these days. Amazingly, the CEO doesn't disagree.