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[@jonbma](/creator/twitter/jonbma)
"If @Tether_to went public TODAY Tether would be the 19th largest company in the world at $515B. That's ahead of Costco and Coca Cola. Here's why: - Circle is now public at $30B marketcap - Our financial model has Circle at $410B EBITDA in 2025 or 69.3x EBITDA - Tether claims $13B of net profits in 2024. $7B came from Treasuries and Repos -- the other $5B came from unrealized gains from Bitcoin and gold holdings which we don't include in EBITDA. - We assume Tether grows USDT supply by adding another $50-$60B of USDT and avg USDT supply in 2025 is $170B with avg Fed Funds Rate of XXX% implies"  
![@jonbma Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::26697653.png) [@jonbma](/creator/x/jonbma) on [X](/post/tweet/1931072826049429590) 2025-06-06 19:36:53 UTC 11.2K followers, 251.7K engagements


"Circle keeps getting crazier now $65B. In comparison - Robinhood $69B $1.3B of net income 51.5x NI - Coinbase is $78B $2B of net income 37.3x NI - Circle is $65B $259M of net income 216x NI Circle now trades for: - 24.2x Q1'25 revenue run rate - 60.7x Q1'25 gross profit run rate - 216x Q1'25 net income run rate. Investors clearly want stablecoin bets"  
![@jonbma Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::26697653.png) [@jonbma](/creator/x/jonbma) on [X](/post/tweet/1936201904888955090) 2025-06-20 23:18:01 UTC 11.2K followers, 401K engagements


"Circle is now $74B enterprise value. Circle is now more valuable than Robinhood ($68B) Nubank ($59B) Block ($38B) and just $4B shy of Coinbase ($78B). Circle now trades at: - 32x revenue - 80x gross profit - 152x EBITDA - 285x earnings In comparison USDC is $60B of marketcap growing XX% YoY. We'll soon be able to estimate Q2'25 Circle numbers based on onchain stablecoin supply"  
![@jonbma Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::26697653.png) [@jonbma](/creator/x/jonbma) on [X](/post/tweet/1937168114552017021) 2025-06-23 15:17:24 UTC 11.2K followers, 411.5K engagements


"Circle $CRCL is now a $56B company. Circle trades at 24.5x rev 61.4x GP 219x earnings. You can make money on Circle if you believe X. With the passage of the GENIUS bill stablecoins can reach at least $3T in 2030. X. Circle takes up XX% of total supply and doesn't lose significant share to other issuers and banks. X. Circle pays no more than XX% of revenue as distribution costs. X. Fed Funds rate are no lower than XXX% (Market consensus for July 2027 rates is XXXX% X. Circle only grows headcount by 70%. That implies in 2030 Cirlce does $20B of revenue $6.2B of gross profit $4B net income."  
![@jonbma Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::26697653.png) [@jonbma](/creator/x/jonbma) on [X](/post/tweet/1947064605554995658) 2025-07-20 22:42:31 UTC 11.2K followers, 34.7K engagements


"Fintech Multiples growing as well. $HOOD now trades at 26.1x annualized revenue and 72x earnings at $96B marketcap $COIN now trades at 13.1x annualized revenue and 50.7x earnings at $106B marketcap. $CRCL now trades at 24.6x annualized revenue and 219x earnings at $56B marketcap Growing demand for high quality SaaS / AI / Fintech + Macro Set Up = we are going back to all time highs in multiples. This bodes well for DeFi like $HYPE that $936M annualized revenue and 15.8x MC/Revenue"  
![@jonbma Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::26697653.png) [@jonbma](/creator/x/jonbma) on [X](/post/tweet/1946597490754535822) 2025-07-19 15:46:22 UTC 11.2K followers, 35K engagements


"Who are the best fintech investors in the world"  
![@jonbma Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::26697653.png) [@jonbma](/creator/x/jonbma) on [X](/post/tweet/1934619840783814935) 2025-06-16 14:31:28 UTC 11.2K followers, 1025 engagements


"Anyone use @HingeHealth Love to chat with you as a member. Preparing a bull case on why $HNGE is one of the best apps to benefit from AI in an unsexy industry"  
![@jonbma Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::26697653.png) [@jonbma](/creator/x/jonbma) on [X](/post/tweet/1941373281959125014) 2025-07-05 05:47:14 UTC 11.2K followers, 2196 engagements