Jon Ma

CEO @Artemis | ex @InsightPartners @Whalerock @Publiccomps | Crypto / Fintech / Software Analyst

[Jon Ma @jonbma]

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 👀

[Jon Ma @jonbma]

Trading Card Games up on @artemis 👀

I see you @kaviish

[Jon Ma @jonbma]

@ElBarto_Crypto Keep on cranking

[Jon Ma @jonbma]

@obchakevich_ @artemis We love you Alex!

[Jon Ma @jonbma]

@HadickM 🧑‍🍳

[Jon Ma @jonbma]

Why Google Just Raised $80 Billion and Why Bullish for the AI Trade.

By the one and only @stevenfiorillo.

My favorite line: "Berkshire as the value investor are all telling you the same thing that this is bigger and longer than the consensus models assume"

[Steven Fiorillo @stevenfiorillo]

My new article on $GOOGL offering is below on @artemis

https://t.co/T2Ex3zgxth

[Jon Ma @jonbma]

@MKhurshed08 @linfluence @linfluence would recommend @MKhurshed08 !! He was awesome at Artemis as a stablecoin analyst.

[Jon Ma @jonbma]

@SixSigmaCapital $HOOD think it can be a $1T financial services company that wins if trading grows, more prediction market usage, great wealth transfer ETC

[Jon Ma @jonbma]

@anthonyyim @mert +1

[Jon Ma @jonbma]

@gaspardlezin @artemis We do, happy to DM you one!

[Jon Ma @jonbma]

The BEST damn Stablecoin Dashboard of all time 👇

[Artemis @artemis]

BREAKING: The NEW Artemis Stablecoin Dashboard is live.

Stablecoins are becoming one of the most important markets in crypto.

So we built an updated way to track them.

Monitor supply, flows, and growth across tokens, chains, exchanges, and regions.

And now, with the new Compare tab, you can benchmark $USDT vs $USDC, Ethereum vs Tron, and more side by side.

The full stablecoin market, in one place ⤵️

[Jon Ma @jonbma]

What are HF buying in Q1'26?

- TSMC
- GE Vernova
- Lam Research
- Applied Matis
- Meta

Get them all here: https://t.co/W3e0k6ez0b

[Jon Ma @jonbma]

@kaviish @Collector_Crypt @phygitals where's the link bro :)

[Jon Ma @jonbma]

@kaviish @Collector_Crypt @phygitals Fireeee

[Jon Ma @jonbma]

@HadickM @TheOneandOmsy 💜

[Jon Ma @jonbma]

Join one of the best global venture capital firms in the world.

@HadickM @TheOneandOmsy are two of the best venture capitalists I’ve ever worked with.

Would highly, highly recommend.

[Rob Hadick ＞|＜ @HadickM]

We are expanding our US investment team, looking for both early and growth stage investors, in NYC or willing to move. Looking to add both people with product/eng experience and those who have invested in fintech/SaaS/etc before. Come hang with myself, @tomhschmidt, and @TheOneandOmsy in Union Square if you want to spend all your time thinking about the future of finance.

Growth Stage: https://t.co/ENPLsYPTDB
Early Stage: https://t.co/6mPLySiWQg

[Jon Ma @jonbma]

@TheOneandOmsy @HadickM 🫰

[Jon Ma @jonbma]

@Dr_Crossroads @crystaltai @TonyDolphinsFan We ❤️ @Dr_Crossroads

[Jon Ma @jonbma]

One of the best thesis on $NBIS, $IREN, $CRWV and the opportunity in data centers.

By the best @Dr_Crossroads ❤️

[Crossroads @Dr_Crossroads]

I just posted a deep dive in data center opportunities, focused on perceived challenges in the space and the Three Titans: $NBIS, $IREN and $CRWV and their varied approaches, as well as some of the smaller opportunities in the space and why I'm not (yet) pursuing them.

The article is free at the link below. Enjoy!

[Jon Ma @jonbma]

OKC should blow it up and trade Jalen Williams and a bunch of 1s rounders to the Clips for Kawhi 😝.

[Jon Ma @jonbma]

@stevenfiorillo @amitisinvesting @basispointpod @dsteinberg10000 How was it?!