Artemis
@artemis
Thesis Investment Platform for Crypto + Equities + Stablecoins. Trusted by Visa, McKinsey, VanEck, Sequoia & Ribbit.
1.4K Following 45.7K Followers
Figure Connect becomes more valuable as volume grows, and @Figure may soon see two major new supply sources at once:
1. Bank HELOC balances stopped shrinking after the GFC
2. The Kiavi acquisition nearly doubles the first-lien business
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One of the cleanest takes on Figure yet.
Connect isn’t just a product — it’s the business model shifting.
Partners now drive 78% of volume. Inventory days cut in half. High-margin fees jumped from 5% to 28% of revenue. Almost no warehouse capital tied up.
The market is still treating @Figure like a capital-heavy specialty lender. Meanwhile it’s becoming a capital-light marketplace for home equity flow.
Kiavi adds the first-lien engine. Second liens are recovering. And take rates are rising even as the mix shifts lower.
Wall Street is pricing the old company. The new one is already here.
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Time to figure out Figure $FIGR
I think @Figure is not the easiest business to understand but the folks at @NorthIslandVC did a great job breaking it down
Everyone looks at Figure the wrong way!
Bull thesis for $FIGR 👇
cc @mcagney @MBTannenbaum
$FIGR: The Market May Be Underwriting The Wrong Business.
The market still sees a lender.
But 78% of volume is now partner-originated, Connect is scaling rapidly, and the highest-margin fee lines are becoming a much bigger piece of revenue.
We think Figure is becoming something else entirely. Our new deep dive with @NorthIslandVC:
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The stablecoin opportunity is still HUGE
NEW: Stablecoins are becoming a winner-takes-most market.
We sat down with @ARKInvest's Lorenzo Valente (@LorenzoARK) to break down why he thinks Circle could be one of the biggest winners:
0:00 Why most of the 1,000+ stablecoins don’t matter
10:52 How many ultimately win?
18:23 The threat from Open Standard
39:30 What investors should watch next
Full episode 👇
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INTERESTING: @Uber has more paid memberships than Walmart
Thesis on $UBER ▓▓▓▓▓▓░░░░░░░░ %
Uber’s Global Head of Delivery on Uber's unique positioning: "Over a million rides trips a month to a Walmart store. And so we are the only platform where we can support you getting people into your store, into your checkout, as well as into your digital cart."
Delivery-only platforms only capture intent when a user is actively is looking to order delivery. Uber captures a lot more behavioral data because they know when their user travels, commutes, etc. This is how Uber changes the B2B conversation from just a logistics vendor to an omnichannel growth partner. $UBER
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Artemis spends $2m + a year on data SO YOU DON'T INVEST USING HALLUCINATED DATA.
And we make all our data available in Artemis Analyst:
Don't invest using vibe coded charts or models.
Use Artemis Analyst for all your models and charts for $HOOD $COIN $CRCL $FIGR etc.
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The main problem with Stripe’s $OUSD:
Too many partners with competing incentives and existing stablecoin obligations
NEW: Stablecoins are becoming a winner-takes-most market.
We sat down with @ARKInvest's Lorenzo Valente (@LorenzoARK) to break down why he thinks Circle could be one of the biggest winners:
0:00 Why most of the 1,000+ stablecoins don’t matter
10:52 How many ultimately win?
18:23 The threat from Open Standard
39:30 What investors should watch next
Full episode 👇
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YOUR THESIS IS ONLY AS GOOD AS YOUR DATA.
Lending Summer - not DeFi Summer
Lending deposits in crypto protocols is one of the few areas holding up during the summer
Had a blast joining @artemis podcast with @jonbma and Mike.
I think @circle’s story is widely misunderstood. We dug into stablecoins, competition, where value ultimately accrues, and how we see the market playing out from here.
Disclosure: We own @circle stock (a lot)
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NEW: Stablecoins are becoming a winner-takes-most market.
We sat down with @ARKInvest's Lorenzo Valente (@LorenzoARK) to break down why he thinks Circle could be one of the biggest winners:
0:00 Why most of the 1,000+ stablecoins don’t matter
10:52 How many ultimately win?
18:23 The threat from Open Standard
39:30 What investors should watch next
Full episode 👇
Show more
A LOT
NEW: Stablecoins are becoming a winner-takes-most market.
We sat down with @ARKInvest's Lorenzo Valente (@LorenzoARK) to break down why he thinks Circle could be one of the biggest winners:
0:00 Why most of the 1,000+ stablecoins don’t matter
10:52 How many ultimately win?
18:23 The threat from Open Standard
39:30 What investors should watch next
Full episode 👇
Show more
We’re seeing stablecoin supply expand across virtually every major chain, and @Solana is no exception.
Its supply grew 11x vs. roughly 2.5x for the broader market. It’s now one of the largest stablecoin ecosystems, with over $500B in gross transfer volume in July (source: @artemis).
This reinforces our view that stablecoins are becoming the payment rails of the internet.
As liquidity grows, demand for efficient swap and yield infrastructure will grow with it.
We’re seeing that firsthand at @LucidLabsFi too, with stablecoin transaction volume continuing to increase.
That’s exactly where we want to be positioned.
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Payment volume on @crediblefin is rising
