This is a redacted and adapted version of our Q2 internal investor's update. 25Q2 was the quarter revenue came back into focus, and not just for us. From Hyperliquid to Maker, from Stripe’s acquisitions to Coinbase’s onchain consumer narrative. Crypto is shifting from narrative-first to numbers-first. For us, the Revenue Meta is the only true meta (which will evolve into the margins meta soon). From Coatue’s annual keynote, great view public and private markets, and one specific slide out the...
