Artemis Big Fundamentals

Artemis Big Fundamentals

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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…
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Kevin Li
2
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.
 • 
Kevin Li
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.
 • 
Broderick Bonelli
 and 
Akhil Vajjhala
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.
 • 
Kevin Li

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

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