Artemis Big Fundamentals

Artemis Big Fundamentals

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June 2025

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.
 • 
Kevin Li
3
Why Stablecoin Data Is Harder Than It Looks
Three Myths About Blockchain Data Analytics
 • 
Sebastian Melendez
2
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.
 • 
Kevin Li
5
CoreWeave: Fundamental Deep Dive
As part of our weekly fundamentals, we deep dive CoreWeave, a leading AI Hyperscaler.
 • 
Kevin Li
4
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.
 • 
Jon Ma
6

May 2025

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…
 • 
Andrew Van Aken
, 
Anthony Yim
, and 
Jon Ma
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?
 • 
Jon Ma
Digital Finance Fundamentals 05.20.2025 - Should Coinbase buy Circle?
Coinbase buying Circle for $5B? Does REV or Revenue matter for blockchains?
 • 
Jon Ma
Artemis - Digital Finance Fundamentals (05/11/2025)
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…
 • 
Jon Ma

March 2025

February 2025

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