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 private side stood out for me (besides the fact that they are very bullish BTC and stables):
It made me think, which crypto companies/protocols are at a growth stage (100M+ rev/yr), growing 20%+ YoY, with positive profit margins?
At SGV, we still back momentum. But our highest-conviction bets share one thing in common: Relentless teams building products that generate real, sustained cash flow, over the long term.
Public breakouts are happening:
Circle's public offering. They’re doing it on the strength of stablecoin monetization, real volume, real float.
Robinhood is moving toward tokenized stocks and real-world assets. A retail-facing breakout built around productized trading.
Coinbase is preparing a new consumer-facing onchain app, focused on social, minting, and frictionless flows. It’s a full-stack bet on consumer intent.
Base, their L2, is now arguably one of the most profitable infrastructure layers in crypto.
What connects them? They’ve stopped betting on crypto as a narrative. They’re now betting on crypto as revenue focused on mass consumer usage.
New Breakouts There are only a few true breakout consumer projects today. But they share a shape.
Axiom has done ~$140M in fees since February. YC-backed. Trader-focused. Hyperliquid wrapper. Relentless execution.
Pump has crossed ~$1B in fees in under a year. Built for meme liquidity, vertically integrated, and culture-native.
These are high-margin, high-retention products with teams that ship like hell and understand their user instincts.
Both are speculator-native. But we believe that same shape: lean, liquid, fast. This applies to the next generation of crypto social and consumer apps.
What We’re Looking For We’ve closed 5 companies this year that share some of that energy:
A collectible TCG platform with gameplay + primary sales
A safe-code crypto vibecoding engine
A Gen Alpha-native media spectacle team building a health platform from viral roots
A token protocol with monetization primitives built into creator coins
A prosumer trading wallet with sleek UX and >$30M in first-month volume
All different on the surface. But all: – Built for revenue – Distribution-aware – Led by sharp, unrelenting teams
What We’re Passing On We’re learning to say no to the mid founder. The one with pedigree, good social presence, shipping in a good market, but no obsession. No urgency. And no team that’s willing to go to war with them.
Our diligence is leaning qualitative for a reason.
Trends We're Tracking What we call “adjacent possible” bets, each one a small wedge into a potentially massive behavior shift:
Ad-native miniapps: Someone’s going to build the Ads Manager of crypto
Self-custodial neobanks: DeFi infra abstracted, stables native, yield built-in, per region, per niche
Vibecoding: Low-code generation for revenue-ready onchain apps
RWA 2.0: Pokémon, whisky, watches. Niche collectibles with real liquidity
Video native social: Still waiting for one that sticks with Gen Alpha and creators tokens baked in
Messaging protocols: The WeChat of crypto hasn't been built yet
Music distribution + monetization: More revenue for indie artists = retention
Reddit challengers: The war for thread-native, token-native forums is real
Portfolio Highlights A few snapshot updates:
One app crossed 120K MAUs and 40% D30 retention using TikTok as GTM
A backend infra partner is now powering Coinbase Wallet’s feed
A token launchpad hit $30M in fees and keeps 40% as margins
An adtech app is doing $150K in MRR with newly hired ex-TikTok ML engineers
Our first investment was acquihired, we’re marking it down
We’re 50% deployed. We’re heads down. And we still believe the biggest wins look weird early.
If you’re building something that generates real usage and real cash, talk to us. The meta has changed.
We’re listening.
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