Milk Road(@MilkRoad):Our lead crypto analyst @m0xt_ missed a 4x gain against $BTC when he decided not to buy $PENDLE... Here's why he's ok with that: PENDLE is valued at $327M today - annualizing the last three months of revenue gets you to about $7.5M. That works out to a 45x revenue multiple and a 90x earnings multiple, on numbers that are down 80% from their peak. The market repriced PENDLE on narrative and rotation, but the fundamentals never moved.

Milk Road

@MilkRoad

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Milk Road@MilkRoad

2026.05.16 16:33

Our lead crypto analyst @m0xt_ missed a 4x gain against $BTC when he decided not to buy $PENDLE... Here's why he's ok with that: PENDLE is valued at $327M today - annualizing the last three months of revenue gets you to about $7.5M. That works out to a 45x revenue multiple and a 90x earnings multiple, on numbers that are down 80% from their peak. The market repriced PENDLE on narrative and rotation, but the fundamentals never moved.