According to Bobby Ong, the referenced company produced roughly $4 billion in revenue with only $12 million in profit, with revenue up about $3 billion while profits fell by more than half; the firm is going public. Source: Bobby Ong. Based on those figures, the implied net margin is approximately 0.3% ($12m/$4b) and incremental margins were negative over the reported period, indicating deteriorating operating leverage. Source: Bobby Ong (figures). Given negligible earnings, traders evaluating the listing should anchor on price-to-sales rather than P/E when benchmarking potential valuation against crypto-exposed equities. Source: Bobby Ong (figures). An additional public crypto company expands sector comparables and liquidity for event-driven strategies around listing and lockup milestones. Source: Bobby Ong.