I just wrote an article about the SaaSpocalypse and why I think the market is wrong on $CRM $NOW and $WDAY on @artemis. Please see below artemis.ai/stevenfiorillo/ar…

Coinbase is the winner of AI-native finance. We believe $COIN can be a ~$300B company (6x from today) Artemis open sources the BEST Coinbase financial model using onchain data. You can now build models like the BEST analysts. We believe Coinbase is WINNING in stablecoins, agentic commerce – not just as a crypto exchange. Here’s the core assumptions > Stablecoin supply reaches ~$3T in 2031 (~US Treasury official estimates) > USDC is 30% of stablecoin supply > Agentic Commerce ~$7.5T in yearly spend in 2031 > Coinbase Agentic Commerce is able to monetize and captures 1bp of the entire TAM > Net transaction revenue grows 11% CAGR > Subscription & Services goes from 40% of total revenue to 65% of revenue in 2031 In our bull case, Coinbase does ~$23B revenue in 2031 with ~$10B of net income. At 30x PE that assumes ~$300B of marketcap (6x from today) Full 12 page thesis drops at 5pm ET 👀

Neobanks spent 15 years handing rent to sponsor banks, but now they don't have to. In the past 4 months: - @coinbase applied for a national trust charter - @nubank received approval to create a US bank - @krakenfx got a Fed Master Account They can now access legacy payment rails. At the same time, traditional fintechs are plugging into global crypto rails: - @SoFi launched SoFiUSD - @stripe acquired @Stablecoin , @privy_io and launched @tempo - @RobinhoodApp is launching Robinhood Chain The stack is getting crushed from both ends and the winners will own both sides of it. Let's dive into what's happening 👇

OpenAI will be the #1 fastest growing public SaaS co > $13B ARR 137% YoY > $1B of enterprise value > 76.9x EV/ARR (Palantir trades at 110.6x 🤷) > 84% rule of 40 revenue growth LTM FCF (#3) >-50% net income margins (estimate -$5B of burn in '25) Congrats @sama and @OpenAI $OPENAI

INTRODUCING: Part 2 of our Stablecoin Payments Report! Co-written with @CastleIslandVC and @dragonfly_xyz, with data now through August 2025. Stablecoin payments hit $10.2B monthly, up 70% since February and 137% since Aug '24, now at a $122B annual rate. Here’s how the market evolved in just 6 months 🧵