According to @QCompounding, the highlighted valuation metric is the Price-to-Sales (P/S) ratio. source: @QCompounding on X, Jan 5, 2026 P/S equals market capitalization divided by trailing 12-month revenue and is commonly used when earnings are negative or volatile. source: Investopedia, Price-to-Sales Ratio For crypto-exposed equities, Coinbase (COIN) states its net revenue is highly dependent on crypto asset prices and volatility, meaning the P/S ratio will shift as BTC and ETH market conditions change. source: Coinbase Global, Inc. 2023 Form 10-K For Bitcoin miners such as Marathon Digital (MARA), sales come from BTC block rewards and transaction fees converted to USD and are affected by BTC price, network difficulty, and protocol halving. source: Marathon Digital Holdings, Inc. 2023 Form 10-K When applying P/S for trading comps, compare within the same industry and adjust for growth and margins to avoid misleading signals. source: Morningstar Glossary and methodology on Price/Sales