This sounds like printing money and almost too good to be true.

Currently 1 COVAL sells for 115 WAVES on the Waves DEX. That's an equivalent of approx. USD 330 (more than the 0.1 BTC stated above). And a total market cap for all available 49,000 COEVAL of around $ 16.1 Million.

The detailed description of the COEVAL token reads different (directly taken from the description in the Waves DEX) :
COEVAL is a DMH&CO-issued token that has the following attributes: 1. It can be bought and sold on WAVES platform 2. It can be exchanged at 80% discount for any tokens issued by DMH&CO affiliate entities (on top of any early-bird discounts and/or bonuses issued by such entities) 3. It can be sold back to DMH&CO after 12 months for double its Issuance Value payable in ETH at current market price 4. DMH&CO may issue a mandatory call-up and/or repurchase of COEVAL tokens. In such an instance, the tokens must be sold for the equivalent value of 2) and 3) combined (i.e. they must be sold for 80% discount to token issuance value and double the issuance sum paid or double the previous one-week moving average market price of the tokens – whichever is higher – paid out in ETH)

It does say exchange. That neans you don't get to keep the COEVAL and get additional MNY.
The rest, I'm not sure what it exactly means yet :D. The Whitepaper does explain it a bit simpler (basically confirming what you wrote above).

My personal problem is however, before investing in something I'd like to understand it fully. Unfortunately, this crazy monkey is quite complex...

Is it confirmed, that they first raise all the money during ICO in August and after the final amount collected they assign the tokens accordingly? A bit like the EOS Round 0. Sold 200.000.000 token for whatever amount comes in during the sale period.
If that is the case this COEVAL for $330 each could be a steal. They will collect more than $100 Million.