Tomasz Tunguz Blog · 2025-07-05 · 334d

Revenue as the New Metric for Crypto Valuations

Crypto projects are increasingly being valued based on revenue generation rather than narrative and hype, enabling direct comparison with traditional software companies. This shift toward fundamental business metrics is attracting institutional capital to crypto assets that demonstrate sustainable revenue models and realistic valuation multiples.

9 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

AWS/Azure Estimated Revenue Multiple

20-30x

estimated

cloud infrastructure if spun out

Arbitrum Revenue Multiple Range

40-60x

range

blockchain

Coinbase Revenue Multiple

13x

current

public fintech company

Crypto Apps Above $1M Revenue Threshold

40count

fewer than

cryptocurrency applications

Hyperliquid Annualized Revenue

650000000$

minimum

decentralized options/perpetuals exchange

Hyperliquid Revenue Multiple

60x

current

decentralized options/perpetuals exchange

Optimism Revenue Multiple Range

40-60x

range

blockchain

Phantom Lifetime Revenue

394000000$

total

brokerage app wallet

Robinhood Revenue Multiple

24x

current

public fintech company