Well, Iconomi can be valued easily by their holdings as it acts like a fund. They collected $10M last year and their holdings are worth like $35M now while the altcoin market made ~x10-15 in that time.

That's a bad return. What surprises me is their market cap, this went up from $10M after the ICO in 2016 to $260M today, which is x26.

This is a little mismatch, x3.5 to x26, isn't it?