Jon Ma
@jonbma
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Building @Artemis | ex @InsightPartners @Whalerock @Publiccomps | Crypto / Fintech Analyst
Brooklyn, NY
Joined March 2009
Hyperliquid hit $1.1B annualized revenue growing 40% MoM in July '25. We define revenue as fees that goes to the Assistance Funds used for buybacks + gas fees paid on HypeEVM. As crypto markets and $HYPE price contracts, Hyperliquid revenue multiple is now 11.2x MC/revenue the
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Hinge Health with a monstrous quarter. -$556m ARR growing 55% YoY .- Non-GAAP Gross Margin 83% (+6%).- $130m FCF (23% FCF margin).- 117% Net Dollar Retention.- 98% Client Retention.- At $3.9B enterprise value, trades for ~7x ARR. Up 9% After Hours. $HNGE
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Congrats to Perp Volumes hitting ATH at $400B in July 🥳.
Perp Trading Volumes hit ATH in July '25 at ~$400B. #1 @HyperliquidX at $315B (79% of share).#2 @OfficialApeXdex at $20B (5%).#3 @JupiterExchange at $16.5B (4%).#4 @DriftProtocol at $14.8B (3.7%).#5 @Rabbitx_io at $9.8B (2.5%). With tokenized stocks and pre-IPO shares moving
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RT @artemis: Since GENIUS, yield bearing stablecoins actually lead in supply growth, with @ethena_labs adding a massive $2.7bn. Never count….
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Coinbase Q2'25 Earnings was predictable. And our fundamental analyst @kevinlhr88 nailed it. Estimate: $1.495 billion (-$2m).Street: $1.594 billion (+97m).Actual: $1.497 billion . The headline was $COIN did $1.497B in Q2'25 revenue -26% QoQ and underdelivered relative to street
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Updated: $HOOD vs $HYPE . June '25.- Robinhood: $193B, 26.5M funded accounts, $93.6B MC.- Hyperliquid: $231B, 520k cumulative users, $14.5B MC
Hyperliquid Trading Volumes > Robinhood Trading Volumes. @HyperliquidX Spot and Perp Volumes flipped @RobinhoodApp trading volume!. $HOOD did ~$150B in June '25 down from $192B in May '25. $HYPE did ~$231B in June '25 down from $256B in May '25. Soon Robinhood vs Hyperliquid
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Robinhood with a monstrous Q2'25. - Net Revenue: $989m +45% YoY (top tier growth).- Total Platform Assets: $279B +99% driven by higher equity / crypto and net assets added.- ARPU: $151 +34% YoY.- Gold Subscribers: 3.5m +76% YoY.- Net Income: $386m +105% YoY.- Net Income Margin:
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Hyperliquid Trading Volumes > Robinhood Trading Volumes. @HyperliquidX Spot and Perp Volumes flipped @RobinhoodApp trading volume!. $HOOD did ~$150B in June '25 down from $192B in May '25. $HYPE did ~$231B in June '25 down from $256B in May '25. Soon Robinhood vs Hyperliquid
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We announced Total Economic Activity as THE KPI for blockchains last week. Total Economic Activity = Chain Fees & MEV + Settlement Volume + Application Fees. You can now see all the Total Economic Activity (TEA) KPIs for Blockchains we support in our new metrics tab 👇
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:
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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
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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
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RT @TokenizedPod: 🚨 Ep. 2 of Stablecoin Stats: Are Onchain Stocks the Next Stablecoin Adoption Driver?. With hosts:. 🔢 @ElBarto_Crypto, Dat….
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RT @0xsunny77: Team just shipped something pretty major on Artemis Terminal. Hint you can't see it but you can feel it 👀.
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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.
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