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.
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