Jon Ma
@jonbma
Building @Artemis | ex @InsightPartners @Whalerock @Publiccomps | Crypto / Fintech Analyst
Fintech Multiples growing as well. $HOOD now trades at 26.1x annualized revenue and 72x earnings at $96B marketcap $COIN now trades at 13.1x annualized revenue and 50.7x earnings at $106B marketcap. $CRCL now trades at 24.6x annualized revenue and 219x earnings at $56B…
Public multiples blowing out as markets go full risk on. NTM revenue multiples doubled from 10.3x a year ago to 21.4x today We’re 2/3 of the way to peak ‘21 Covid multiples. And if froth across private and public markets is any indicator, going to run it all the way back
1/ We’ve created an entirely new metric to measure the total size and economic activity of blockchains. It is flexible and widely applicable to chains with various use cases and user behaviors. It also has a strong relationship with Market Cap:
Circle $CRCL is now a $56B company... Circle trades at 24.5x rev, 61.4x GP, 219x earnings. You can make money on Circle if you believe 1. With the passage of the GENIUS bill, stablecoins can reach at least $3T in 2030. 2. Circle takes up 29% of total supply and doesn't lose…
🚨 Ep. 2 of Stablecoin Stats: Are Onchain Stocks the Next Stablecoin Adoption Driver? With hosts: 🔢 @ElBarto_Crypto, Data Scientist @ Artemis 💳 @anthonyyim, Co-Founder @ Artemis In this episode, Andrew and Anthony (A^2) discuss: 🪙 OTC desk experience with Tether on Tron…
Team just shipped something pretty major on Artemis Terminal. Hint you can't see it but you can feel it 👀
Anyone use @HingeHealth ? Love to chat with you as a member. Preparing a bull case on why $HNGE is one of the best apps to benefit from AI in an unsexy industry.
Sheesh. Circle MC > Coinbase MC on a fully diluted basis. Who is going to buy who 🤣
On a fully diluted basis, at this morning's high, Circle market cap flipped Coinbase, the Company who gets >50% of their gross revenue.
Circle keeps getting crazier now ~$65B. In comparison - Robinhood ~$69B, $1.3B of net income, 51.5x NI - Coinbase is ~$78B, $2B of net income, 37.3x NI - Circle is ~$65B, $259M of net income, 216x NI Circle now trades for: - 24.2x Q1'25 revenue run rate - 60.7x Q1'25 gross…
Circle is currently valued at $55B enterprise value. That implies on 2025 numbers: - 58.1x Gross Profit. - 125.2x EBITDA - 163.7x Net Income I added Circle Payment Network as a revenue line item - $570b+ B2B Payment Volume in 2029 - 20% of volume goes to CPN - 0.10% of take…
Circle is currently valued at $55B enterprise value. That implies on 2025 numbers: - 58.1x Gross Profit. - 125.2x EBITDA - 163.7x Net Income I added Circle Payment Network as a revenue line item - $570b+ B2B Payment Volume in 2029 - 20% of volume goes to CPN - 0.10% of take…
The on-chain yield landscape is maturing, as institutions and users seek more sophisticated opportunities on-chain. We partnered with @vaultsfyi to dive into the world of on-chain yield — here’s what we found 🧵
Welcome @Broderick__B ! Let’s make crypto / onchain equity investing accessible to all!
After 2 great years at @opensea working with legends like @jalagar_eth @AspynPalatnick @NadavAHollander @HollanderAdam I'm excited to announce I'm joining @artemis! I look forward to joining the team and empowering everybody with the tools & data to become world-class investors!
I've spent 1.5 years building comprehensive stablecoin datasets and learned that: 1⃣Accessibility to the data is an illusion 2⃣Onchain data alone tells you nothing 3⃣Every chain is designed to break your analytics Why this matters 👇