10T Holdings: A Large Number of Crypto Startups Scare Off Venture Capital Firms with 50 to 80 Times Valuations

Dan Tapiero, CEO of 10T Holdings, stated at the Consensus conference that many crypto startups have valuations far exceeding their revenues, making it difficult for venture capitalists to recoup their investments. He mentioned that some founders raise funds at 50–80 times their revenue, which led 10T to reject over 200 projects, including FTX and BlockFi. Their investment criteria include valuations of 400–500 million USD with a price-to-sales ratio not exceeding 10 times. Pantera Capital CEO Morehead suggested adopting an "equity + token" strategy, stating that 86% of their projects are profitable. (Cointelegraph)