Sushi's Modest Multiple Hides a Revenue Trend That Demands Respect
Sushi trades at a 4.1x revenue multiple with 93.7% of supply circulating. Monthly revenue growth of 21% suggests a base may be forming. A patient starter position candidate.
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Usual: A Stablecoin Issuer at a Modest Multiple, with an Emissions Caveat
Usual's trailing P/S of 1.39 looks cheap, but 36.6% of supply is unissued and revenue is down 0.3x from peak. A 45% 30-day revenue rebound offers hope, but confirmation is needed.
Two-Tier Market: Institutional Rails Rise as Speculative Flows Drain
Institutional capital is consolidating toward regulated, yield-bearing tokenised instruments while speculative crypto products bleed, signalling a structural shift in trust architecture.
Tokenized Cash Is the Only Flow That Matters
BlackRock's European MMF tokenisation on Kinexys marks the first genuine institutional capital migration into on-chain yield, while public crypto ETF flows bleed. Position for the plumbing trade, not the speculation trade.
Quickswap: A Veteran DEX Trading Below Its Own Revenue
Quickswap, a DEX that survived the 2022 bear, trades below 1x trailing revenue with a live buyback. A fundamentals-first play on a veteran protocol, but diluted P/S and founder focus warrant caution.
Securitize: The Quiet Infrastructure Play in Tokenised Assets
Securitize is a regulated financial infrastructure company issuing a token, not a typical crypto project. With a tiny market cap, real revenue, and a structural moat as NYSE's transfer agent, it's a bet on tokenised capital markets—but diluted multiples and unlock overhang demand caution.
Warden: The Agentic Wallet Layer
Warden is a live agentic wallet with named integrations like Uniswap and Messari, at a $3.2M FDV. If agentic commerce grows, the wallet layer agents default to captures disproportionate value.
OpenGradient: Verifiable AI Inference for Onchain Agents
OpenGradient is a live verifiable AI inference network on Base, processing 2M+ inferences with zkML proofs. At a $17.3M market cap, it offers a conviction-per-dollar case for auditable agent compute, though token dilution and competition loom.
Mind Network: Confidential Payments and Verification for the Agent Economy
Mind Network provides confidential A2A payments and FHE-based verification, with live deployments at BytePlus and Alibaba Cloud. At a $5.97M market cap, the gap between product maturity and price is striking, but a 92% drawdown demands caution.
ElizaOS: Live Agent Deployments at Micro-Cap Valuation
ElizaOS is an open-source agent framework with named production deployments and institutional research partners, yet trades near its floor. The asymmetry is real, but so are the risks.
The Conversion Cycle: Capital Is Repurposing Infrastructure, Not Building It
Capital is moving from building new capacity to converting existing physical and financial infrastructure. Every conversion creates a new chokepoint – and that concentration is the real risk surface.
Follow the Rerating: AI Colocation and Settlement Rails Beat BTC Spot
# Follow the Rerating: AI Colocation and Settlement Rails Beat BTC Spot Capital is not leaving digital assets; it is rotating within them. The clearest flows this week are out of bitcoin spot exposure and into ETH stakin
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Positioning Through Regulatory Absorption, Bitcoin Credit Stress, and AI Infrastructure Realignment
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The Great Repurposing: Stablecoin Rails and Bitcoin Megawatts Find Their New Homes
The Great Repurposing: Stablecoin Rails and Bitcoin Megawatts Find Their New Homes I have been watching two processes this week. They look separate. They are not. I traded forex for years. Lost thousands of Bitcoin in 2013 because I thought the price would come back. It did not. Not for
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The Infrastructural Overflow: Three Investment Angles from the AI Capital Surge
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The Infrastructure Beneath the Hype: Capital, Compute, and the Shape of the Next Economy
The Infrastructure Beneath the Hype: Capital, Compute, and the Shape of the Next Economy I read three headlines this week. They looked disconnected. They are not. Anthropic raised nine hundred and sixty-five billion dollars. That is the number someone typed. It is a misprint. The real figure is probably nine
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The Great Sorting: Capital, Hype and the Infrastructure Chase
The Great Sorting: Capital, Hype and the Infrastructure Chase The $965bn Anthropic Series H was a Rorschach test. You either saw a typo or a market signal. I saw the latter. It told me we are in a cycle where narrative has decoupled from capital reality. The job is not
I once owned hundreds of Bitcoin. Here is why I am not making that mistake again.
In 2012 and 2013, I owned thousands of Bitcoin. Not Tens. Hundreds. I bought and sold and bought again, treating it the way a person treats loose change in their pocket. Useful for online games. Useful for unlocking levels. Useful for online casinos and bingo sites. And at the time,