Archive - Artemis Big Fundamentals

September 2025

Crypto Revenue: a standard and consistent definition for value accrual to token holders

How we measure crypto protocol revenue matters.

Sep 12 •

Stablecoin Update: August 2025

Ethereum Adds $14bn in Supply; All Eyes on Hyperliquid; Stablecoin Funding Soars

Sep 10 •

Andrew Van Aken

July 2025

Coinbase Q2'25 Spoiler Alert: How to Predict Coinbase Revenue.

Our analyst Kevin Li estimates Coinbase’s Q2 revenue at $1.495 billion which is -6.2% vs. the Street estimate of $1.594 billion, using publicly…

Jul 31 •

Bitcoin Needs Its Queen: ETH's Evolution into a Scarce, Productive, and Institutional Reserve Asset

Why ETH Is the Reserve Asset of the Onchain Economy.

Jul 23 •

Reading the TEA (Total Economic Activity) Leaves: the metric that matters for blockchains.

Total Economic Activity is a better metric in our opinion compared to REV, Chain Fees to measuring and valuing blockchains.

Jul 22 •

Broderick Bonelli

and

Hyperliquid: A Valuation Model and Bull Case

Hyperliquid, a consensus long, has outperformed Bitcoin YTD up 50% versus BTC at 13.5%. We share a valuation model for Hyperliquid.

Jul 2 •

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.

Jun 20 •

Why Stablecoin Data Is Harder Than It Looks

Three Myths About Blockchain Data Analytics

Jun 17 •

Sebastian Melendez

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