PANews reported on May 15 that according to Cointelegraph, on May 14, Dan Tapiero, CEO of crypto venture capital firm 10T Holdings, pointed out at the Toronto Consensus Conference that too many crypto startups pursue valuations far exceeding their revenues, making it difficult for venture capital to get returns. Tapiero said: "For some reason, founders and CEOs believe that they should raise funds at 50 to 80 times their revenues. This makes it difficult for us to create returns for liquidity providers." Tapiero revealed that his organization has rejected more than 200 projects due to overvaluation, including the bankrupt FTX, BlockFi and Celsius. 10T Holdings' investment criteria are corporate valuations of more than US$400-500 million and a price-to-sales ratio of no more than 10 times.

Despite concerns about valuation bubbles, PitchBook data shows that the transaction volume of crypto venture capital in the first quarter of 2025 increased by more than 100% month-on-month to $6 billion. Pantera Capital CEO Dan Morehead, who was also in the discussion, suggested that venture capital adopt a combination investment strategy of "equity + tokens". 86% of the projects invested by its institutions have achieved profitability, and 22 have become unicorn companies.