$LDO is finally profitable. I added a long position:
- Revenue turned positive: After years of substantial losses, Lido is now profitable. From -$191m & -$153.8m in 2021/22 to +1m this August.
- Narrative staking ETF: Mid-2025, the SEC declared that liquid staked ETH is not a security, paving the way for the Ethereum staking ETF.
- Narrative Treasury staking: Ethereum treasury companies are staking Ethereum & their network participation benefits LIDO as the largest liquid staking provider.
- Valuation: At only $1.5b FDV, Lido doesn't seem expensive, especially when compared to protocols like Eigenlayer at $2.3b. Consider Lido's $38 billion TVL.
- Additional Insights: Fully unlocked & upcoming tokenholder call
Bottom Line:
Altogether, LIDO is one of the most important DeFi protocols.
It will uniquely benefit from the institutional adoption of DeFi that we are currently witnessing.
Pair that with their improved economic situation & revenue share rumors, and I arrive at LIDO being a great trade.
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