@theodorestevenso
listed exchanges offer transparent revenue, cost, and market-share data that lead crypto cycles. Evaluate Bullish through a “market-structure P&L” lens: (1) spot/derivatives volumes × take rates; (2) net interest income from client balances; (3) listing, data, and connectivity fees; (4) custody, prime brokerage, and financing; (5) operating leverage versus compliance and tech spend. Track mix shift (retail vs. institutional), depth/latency metrics, and cross-venue share. Compare unit economics to peers using ARPU, cost-to-trade, and revenue per million of notional. Stress-test margins under volatility droughts and fee compression. Governance, regulatory footprint, and treasury policy matter for downside. Finally, build a factor model linking Bullish equity beta to crypto volatility, BTC/ETH volumes, and ETF net flows to gauge hedging and relative value.
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