A Las Vegas firm that holds Ethereum as its main treasury asset and sells crypto consultancy and advisory services, like a digital-asset savings-and-loan for blockchain projects.
Revenue is tiny (USD 0.05B in the latest quarter) with gross margins near 88%, but net losses are massive—net margin hit -179% in that quarter—so the business burns cash rather than generating sustainable profit.
No visible moat: anyone can hold ETH and offer advisory work, and the company's own financials show no proprietary technology or network effect to stop competitors like Coinbase Global or Galaxy Digital from replicating this model.
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