
Arthur|Jul 10, 2025 07:50
Don't think you can simply comp P to H just based on past 12 month revenue figures.
One was a constantly increasing market share, bigger TAM and much more proven monetization capability, plus no private sale and very strong community alignment.
One had its market share constantly chipped away by various competitors and in a TAM already dominated by its own product, less proven vertical with very cyclical revenue and I wouldn't even want to touch on community alignment.
Also Im not convinced they have figure out how to deploy $2b of capital properly yet given track record and experience.
Generally big inverse correlation between capital raised and how successful the project is in the end, just check the track records of all the mega ICO raise from 2017 to 2018.
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