In today’s briefing:
- Ethereum Merge and Hard Forks- Pinching Pennies in an Efficient Market
- Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance
- Why I Joined Amphibian Capital
- Toast: A Deep-Dive Into A Category Leader In Vertical Software
Ethereum Merge and Hard Forks- Pinching Pennies in an Efficient Market
- The Ethereum merge is expected in a month – when the existing chain merges with the proof-of-stake system and paves the way for a greener and more deflationary asset.
- We examine the Merge and a potential hard fork in some detail and highlight some possible scenarios and trade ideas.
- However, we conclude the current market reflects a successful Merge and Hard Fork efficiently, and little juice is left in most arbitrage trades.
Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance
- Amplitude reported 2QCY22 results and raised CY22 revenue and profitability guidance. The 2Q print was solid, with +48% y/y revenue growth.
- The company generated ~$8M of free cash flows in the quarter, driven by a few large renewals. Total revenue was $58.1M, which topped consensus estimates.
- Management was confident that the company’s dollar-based net retention rate would be above 120% in the long term.
Why I Joined Amphibian Capital
- The ICO fever in 2017 proved to be a high-risk environment for individuals wanting to participate in new blockchain project token releases, from accidentally sending funds to the wrong wallet, or some project teams absconding with funds.
- In response to this, a new fundraising mechanism called IEOs came about.
- An Initial Exchange Offering, commonly referred to as an IEO, is a fundraising event administered by an exchange.
Toast: A Deep-Dive Into A Category Leader In Vertical Software
- Toast (NYSE:TOST) offers a cloud-based end-to-end POS tech platform primarily focused on restaurant and food services.
- They offer a broad portfolio of software and payment solutions that help to solve the needs of restaurants.
- The company’s payment processing offerings are built on charging transaction fees for its restaurant clients for debit and credit card payments on restaurant sales.
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