Research

Understanding the risk of Coinbase after Circle's successful IPO

The natural conclusion is to long Coinbase after Circle's ~10x since IPO. We help articulate the downside and risks associated with Coinbase at $77B.

The Difficulty of Stablecoins

Blockchain data presents unique challenges that don’t exist outside of crypto.

Understanding Strategy from the Ground Up: The TradFi express train to crypto

We deep dive into Strategy (fka MicroStrategy)—the architect of the Bitcoin treasury company model.

CoreWeave: Fundamental Deep Dive

As part of our weekly fundamentals, we deep dive CoreWeave, a leading AI Hyperscaler.

Digital Finance Fundamentals 06.02.2025 - Circle IPO Financial Model

Circle Q1'25 financials and the bull case at $7.2B + we share a Circle financial model.

What are stablecoins used for?

Stablecoins are real. We team up with Dragonfly and Castle Island Ventures to answer WHAT stablecoins are being used for by working with 20 stablecoin companies.

Digital Finance Fundamentals 05.26.2025 - How to invest behind AI

Coreweave is up 167% since IPO -- what are the other potential plays for AI?

Digital Finance Fundamentals 05.20.2025 - Should Coinbase buy Circle?

Coinbase buying Circle for $5B? Does REV or Revenue matter for blockchains?

What matters for DeFi is Revenue

Revenue and Earnings is all the matters for DeFi and Fintech. We estimate Bridge at $1.5B/month in TPV w/ 20-30 bps of take rate = $40-$50m revenue run rate.

Artemis - Weekly Fundamentals (03/3/2025)

Markets are down, up, down, stablecoins are up, Geodnet is flat. Onchain finance is happening and we need global Venmo

The State Of Stablecoins On Sui

Sui stablecoin highlights

Crypto Fundamentals #103

Fundamentals matter for crypto to be real.

Mika Reyes: Founder Highlight

Meet Mika Reyes: CEO at Parallax

Stablecoin Jan 2025 Update

Stablecoin Monthly Update - Jan 2025

November ‘24 Protocol Highlight: Stellar

Meet Raja Chakravorti, Chief Business Officer at the Stellar Development Foundation.

Maple Finance: The Hub for On-Chain Institutional Lending in Crypto

Crypto Fundamentals #102

Tether invested in Quantoz and introduced new MiCA-compliant Euro and USD stablecoins (Tether), while Paxos acquired Membrane Finance to issue MiCA-compliant stablecoins in the EU (Paxos)

Crypto Fundamentals #101

Trump announces the creation of the Department of Government Efficiencty (DOGE) which will be helmed by Elon Musk and Vivek Ramaswamy (CNN); Coinbase lists major memecoins including PEPE and WIF as memecoins outperform (Yahoo Finance)

Stablecoin Marketmap - November 2024

Stablecoins are at all time highs. Stripe acquired Bridge for $1B. Tether had $4.5B in Q1'24 profit. How can you invest behind this trend?

Crypto Fundamentals #100

Donald Trump won the United States presidential election, as the GOP sweeps the Senate and House; Polymarket calls the elections hours before mainstream media (CNBC); Bitcoin makes all time highs (Coingecko)