On May 15, on May 14, Dan Tapiero, CEO of crypto venture capital firm 10T Holdings, pointed out at the Consensus Conference in Toronto that too many crypto startups pursue valuations that far exceed their revenue, making it difficult for venture capital companies to obtain rewards. Tapiero said: "For some reason, founders and CEOs believe they should raise money at 50 to 80 times revenue. This makes it difficult for us to create returns for liquidity providers." Tapiero revealed that its agency has rejected more than 200 projects due to excessive valuations, including bankrupt FTX, BlockFi and Celsius. 10T Holdings 'investment criteria are a company valuation of more than US$400 - 500 million, and a price-to-sales ratio of no more than 10 times. Despite concerns about a valuation bubble, PitchBook data shows that crypto venture capital transaction volume increased by more than 100% month-on-month to US$6 billion in the first quarter of 2025. Dan Morehead, CEO of Pantera Capital, who was also discussing at the meeting, suggested that venture capitalists adopt an "equity + token" portfolio investment strategy. 86% of the projects invested by their institutions will achieve profits and 22 will become unicorn companies.