# Сопутствующие статьи по теме Valuation

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Valuation", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

NYSE parent in talks to invest in crypto company MoonPay: Report

Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, is reportedly in talks to invest in cryptocurrency payments firm MoonPay, which is seeking a $5 billion valuation in its latest funding round. This follows ICE’s recent $2 billion investment in prediction platform Polymarket. MoonPay provides infrastructure for buying and selling crypto using traditional payment methods. The move reflects growing convergence between Wall Street and crypto, as seen in ICE's earlier partnership with Circle to explore stablecoin integration and the DTCC’s approval to offer tokenized bonds and stocks. These developments highlight the increasing institutional adoption of blockchain and tokenization technologies.

cointelegraph12/18 21:23

NYSE parent in talks to invest in crypto company MoonPay: Report

cointelegraph12/18 21:23

Has the Era of Easy Money for Crypto VCs Come to an End?

The era of easy profits for crypto VCs appears to be over, marked by a necessary market correction and a shift toward more sustainable investment practices. The recent collapse of Shima Capital, following SEC charges against its founder for fraudulent fundraising and mismanagement, symbolizes a broader industry-wide reckoning. Once-revered VCs are now facing scrutiny as inflated valuations, poor returns, and failed exit strategies expose systemic flaws. Market dynamics have shifted significantly: liquidity has dried up,散户 investors have retreated, and many VC portfolios are underwater. Data shows only 2% of altcoins are currently profitable, underscoring the severity of the downturn. VCs are adapting by focusing on later-stage investments, prioritizing projects with real traction and data over speculative narratives. Funding is increasingly concentrated in infrastructure—such as payment rails and privacy tools—rather than premature application-layer projects like NFTs or metaverse platforms. This period of "creative destruction" is pushing the industry toward maturity. VCs are becoming more disciplined, seeking genuine value and long-term viability rather than quick returns. While the transition is painful, it may ultimately lead to a healthier, more transparent, and more resilient crypto ecosystem.

比推12/18 15:45

Has the Era of Easy Money for Crypto VCs Come to an End?

比推12/18 15:45

Public Chains 2025: The Bustle Belongs to the Casino, the Desolation to the Ecosystem

The 2025 public blockchain landscape reveals a stark divide between hype and reality, with a severe concentration of value and widespread "zombification" of projects. Analysis of DeFiLlama's on-chain fee data exposes a critical structural issue: the crypto space is dominated by a "profit concentration and long-tail zombie" era. Notable examples highlight this crisis. Algorand, a chain with a $1 billion market cap and advanced technology, generated a mere $17 in daily fees, while Cardano, a top-10 asset, saw only around $6,000. These "classic chains" are likened to empty, expensive cities with no real economic activity. The biggest value capturers are not the most technologically elegant chains. Tron leads with $1.24 million in daily fees, succeeding as a low-cost payment rail for USDT transfers—crypto's only true mass-adoption use case. Solana ($600k daily) thrives as a high-frequency casino for meme coins and speculation, and Base ($105k daily) demonstrates that distribution (via Coinbase) is more critical than pure technology. The only validated business models generating significant fees are low-cost payments, high-frequency speculation, and, to a lesser extent, Ethereum's asset settlement layer. The VC-driven model is failing. New chains like Sui, Sei, and Starknet, which raised hundreds of millions, show a severe disconnect between their high valuations and meager daily fee revenue (ranging from $320 to $12,000). Their lifecycle often follows a "pump and dump" pattern: VC funding -> airdrop farming -> token listing -> user exodus -> collapsed on-chain activity. The industry suffers from a massive oversupply of block space with a dire lack of killer applications. The article concludes that investors must shift from valuing narratives to scrutinizing financials. They should avoid "zombie coins" with high valuations and negligible fees, focus on chains with organic, fee-generating demand, acknowledge that distribution and community are now more valuable than pure tech, and see through the VC subsidy game. This is a necessary market correction; only by paying for real, generated value—not promised future stories—can the industry achieve healthy growth.

比推12/18 06:36

Public Chains 2025: The Bustle Belongs to the Casino, the Desolation to the Ecosystem

比推12/18 06:36

The Brutal Reckoning of the Public Chain Market in 2025: The Thriving Casino, The Fake Ghost Town, and VC's Harvesting Scheme

Crypto Public Chains Face a Reality Check: A Grim Settlement in 2025 The crypto market, often perceived as a lens of soaring market caps and futuristic promises, reveals a starkly different reality when analyzed through on-chain fee data. A deep dive into DeFiLlama’s “Fees by Chain” metrics exposes a severe structural issue: the public chain ecosystem is dominated by profit concentration, while the long tail languishes in zombification. Notable examples highlight this disparity. Algorand, a chain backed by Turing Award-winning cryptography, recorded a meager $17 in daily protocol revenue despite a billion-dollar valuation. Similarly, Cardano, a top-ten asset by market cap, generates only around $6,000 in daily fees, indicating a lack of substantial economic activity beyond basic transfers. In contrast, the chains capturing real value are those serving clear, immediate demands. Tron leads with $1.24 million in daily fees, powered primarily by its role as a low-cost payment rail for USDT transfers. Solana follows with nearly $600,000, driven largely by its vibrant on-chain casino of meme coin trading and speculation. Base, backed by Coinbase’s distribution power, has also emerged as a serious contender. These cases underscore that proven, fee-generating business models in crypto are currently limited to payments, high-frequency speculation, and Ethereum’s role as a settlement layer. The analysis further reveals the failure of the VC-driven model. Newer chains like Sui, Sei, and Starknet, which launched with massive funding and high Fully Diluted Valuations (FDV), show alarmingly low daily fees—often in the low thousands or even hundreds of dollars. Their typical lifecycle involves attracting airdrop farmers with incentives, followed by a collapse in organic activity once subsidies end. This reflects a critical issue of “block space inflation”: too many chains have been built, without a proportional growth in killer applications that demand that capacity. The market is at an inflection point. Investors are shifting from valuing narratives to scrutinizing fundamentals. The new imperative is to identify chains that generate genuine, fee-based revenue from organic user demand—not those sustained by speculation, subsidies, or empty promises. This necessary清算 (settlement) in valuation may be painful, but it is essential for the industry's long-term health. The era of paying for dreams is giving way to an era of paying for proven utility.

marsbit12/18 04:08

The Brutal Reckoning of the Public Chain Market in 2025: The Thriving Casino, The Fake Ghost Town, and VC's Harvesting Scheme

marsbit12/18 04:08

BitMEX Alpha: Could Western Union Be an Asymmetric Trade Opportunity in the Stablecoin Arena?

BitMEX Alpha explores whether Western Union (WU) represents an asymmetric investment opportunity in the stablecoin space. While stablecoins have reached a $250B market cap and serve as a critical "dollar API" for crypto, the most obvious investment target—Circle ($CRCL)—may not offer the best risk-reward due to high distribution costs and reliance on partners like Coinbase. In contrast, Western Union, with its established global distribution network of 200k+ physical agents and deep penetration in cash-heavy remittance corridors, is positioning itself to leverage stablecoin technology from the distribution side. WU already owns the last-mile channels that Circle must pay to access. By integrating its own dollar stablecoin (USDPT) and digital asset network, WU can maintain fee and FX spread revenue from its existing front-end while adding new income streams from on-chain settlement and float. WU trades at a distressed valuation (4x P/E, 10% dividend yield), pricing in digital disruption fears. However, it offers a deep-value, asymmetric bet on stablecoin adoption—a free option on its digital transformation, backed by strong cash flow. Circle, though a pure-play stablecoin issuer, faces margin compression and high customer acquisition costs. The report concludes that in the race for digital dollar adoption, controlling user access may be more valuable than minting tokens.

marsbit12/17 09:44

BitMEX Alpha: Could Western Union Be an Asymmetric Trade Opportunity in the Stablecoin Arena?

marsbit12/17 09:44

Before You Jump on Any ICO Bandwagon, Read This First

Before participating in any ICO, it's crucial to understand that most projects fail, and only a few achieve success. The recent hype around ICOs, driven by projects like MegaETH and Plasma, often leads to impulsive investments without proper due diligence. Here are key points to consider: 1. **Product Fundamentals**: Evaluate if the product solves a real problem and has genuine innovation. Avoid projects based on future promises or testnet data without a working product. 2. **Team Experience**: The team's track record matters. Experienced teams can adapt to market changes, while weak teams may disappear when hype fades. 3. **Investors and Valuation**: Check if reputable VCs are involved and assess the valuation. Avoid projects where insiders have low valuations, leaving retail investors at risk. 4. **Authentic Data**: Look beyond surface metrics like TVL or user numbers. Ensure data is genuine and not inflated by incentives or fake activity. 5. **Marketing and Narrative**: Strong projects control their narrative and attract organic attention. Poor projects rely on buzzwords without substance. 6. **Tokenomics**: Understand token unlock schedules, vesting, and fully diluted valuation (FDV). Avoid structures that favor insiders and shift risk to retail. 7. **Market Conditions**: Market cycles significantly impact valuation and returns. The same project may perform differently in a bull vs. bear market. ICO investments are not free money. Avoid FOMO-driven decisions and prioritize projects with real value over hype.

深潮12/16 06:49

Before You Jump on Any ICO Bandwagon, Read This First

深潮12/16 06:49

Detailed Analysis of Robinhood's Latest Fundamentals and Revenue Sources in Its 'Full Transition to Cryptocurrency'

Robinhood has emerged as a top performer in the current market cycle, with its stock surging 17x from its 2022 lows. The company is undergoing a strategic "full pivot to crypto" and has significantly diversified its revenue streams beyond its core transaction-based income. In 2024, Robinhood is projected to generate $2.95 billion in revenue, a 58% increase from 2023. Its revenue composition is now more balanced: transaction-based revenue (from stocks, options, and crypto) accounts for 58% of total revenue, down from 77% in 2021. This diversification is driven by new revenue lines, including its fast-growing prediction market platform (Kalshi, with $100M in annualized revenue) and Robinhood Gold (2.34M paid subscribers). Net interest income now constitutes 35% of total revenue. Notably, crypto is a major profit driver, contributing 21% of YTD revenue despite representing only 12% of total trading volume. This highlights its superior monetization model compared to stock trading. Options remain the largest revenue source. Robinhood's ambitious crypto roadmap includes the integration of the acquired Bitstamp exchange, development of a crypto wallet V2 with DeFi connectivity, plans to build an L2 on Arbitrum, and a pioneering strategy to tokenize public and private equities. This positions Robinhood to become a full-stack platform for tokenization, crypto trading, and financial services. Key risks include intense competition from traditional brokers and crypto-native firms like Coinbase, execution challenges in merging its user experience with crypto, and potential slow adoption of its equity tokenization strategy by issuers. Trading at a high P/E of 56, Robinhood's stock may be susceptible to a significant pullback if retail risk appetite cools, potentially creating a long-term buying opportunity. The company's leadership, user experience, and aggressive crypto vision make it a potential future leader in finance.

marsbit12/15 12:29

Detailed Analysis of Robinhood's Latest Fundamentals and Revenue Sources in Its 'Full Transition to Cryptocurrency'

marsbit12/15 12:29

3 Times More Users Than Coinbase, 53% Higher Valuation: Why Does the Market Prefer Robinhood?

Robinhood's stock surged 17x in under two years, driven by diversified revenue streams including crypto, stocks, options, and new ventures like prediction markets. With 27.1 million funded users—three times Coinbase's base—and a market cap 53% higher, Robinhood benefits from its super-app strategy, regulatory status, and higher-margin crypto operations. Its crypto revenue model, leveraging spreads rather than order flow payments, offers superior profitability. Future plans include tokenized stocks, DeFi integration, and global expansion via Bitstamp. However, competition, execution risks, and a high P/E ratio of 56 suggest potential volatility, making it a watchlist candidate for opportunistic buying during downturns.

比推12/12 18:15

3 Times More Users Than Coinbase, 53% Higher Valuation: Why Does the Market Prefer Robinhood?

比推12/12 18:15

Before the Bull Market Returns: Lessons I Learned in the Crypto World with Millions

Investment Lessons from the Crypto Market: A Reflection Before the Bull Run This article shares hard-earned lessons from losing millions in the crypto space, offering a sobering perspective on market behavior and personal psychology. The author begins by distinguishing between investment and speculation, noting that crypto is primarily driven by sentiment and tokenomics, not fundamentals. In bull markets, emotion dictates 60% of pricing, token distribution 30%, and fundamentals only 10%. This makes speculation far more profitable than value investing, which often leads to significant losses as holders refuse to cut losses, hoping for a recovery that never comes. A critical mistake is poor timing and position sizing. The author emphasizes the importance of maximizing risk exposure early in a trend's reversal—when uncertainty is high but odds are favorable—rather than during the euphoric peak when downside risk is severe. Examples from the AI meme season and the BSC rally illustrate how late entries often lead to missed opportunities or forced, high-risk bets. The piece also warns against traditional valuation metrics like P/E ratios and token buybacks, which assume sustainable earnings—a rarity in crypto where few projects survive long-term. Market leaders often change, and entire sectors are disproven. Ultimately, the author concludes that theoretical knowledge isn't enough; true understanding comes from painful, personal experience. The market's cyclical nature means many are doomed to repeat errors, but self-awareness and disciplined strategy are essential for survival and success.

marsbit12/12 13:21

Before the Bull Market Returns: Lessons I Learned in the Crypto World with Millions

marsbit12/12 13:21

Digital Asset Vaults Lose Their Luster: Twenty One's Stock Plunges 20% on First Trading Day

Twenty One Capital, a Bitcoin-focused treasury company backed by Tether and SoftBank, saw its shares plunge approximately 20% on its first day of trading on the New York Stock Exchange. The sharp decline reflects investor skepticism toward the valuation and business model of Bitcoin treasury companies amid a significant cryptocurrency market downturn. The company, led by 31-year-old CEO Jack Mallers, holds around 43,500 BTC. However, Bitcoin holdings have fallen over 25% since October’s all-time high near $126,000, putting pressure on the "digital asset treasury" (DAT) model. Despite its large Bitcoin reserve and strong backers, investors remain cautious due to unclear revenue paths and heavy reliance on Bitcoin’s volatile price. Twenty One went public via a merger with SPAC Cantor Equity. Unlike traditional companies, its valuation is almost entirely tied to its Bitcoin holdings, using metrics like "Bitcoin per Share" (BPS). Yet, the firm has not detailed how it will generate sustainable profits beyond holding Bitcoin. The sell-off reflects broader pressures on crypto-linked stocks. Other Bitcoin-heavy companies like Metaplanet, Trump Media, and Empery Digital also face millions in unrealized losses and falling share prices as Bitcoin corrects. The debut underscores high volatility and valuation risks in crypto investing. Despite innovation and institutional support, long-term viability requires transparent business models and clear profitability strategies—lessons even high-profile crypto firms must heed.

cointelegraph_中文12/11 23:16

Digital Asset Vaults Lose Their Luster: Twenty One's Stock Plunges 20% on First Trading Day