Odaily Planet Daily reported that Dan Tapiero, CEO of the crypto venture capital firm 10T Holdings, pointed out at the Toronto Consensus conference that too many crypto startups are pursuing valuations far exceeding their revenues, making it difficult for venture capitalists to achieve returns. Tapiero stated, 'For some reason, founders and CEOs believe they should raise funds at 50 to 80 times revenue. This makes it hard for us to create returns for liquidity providers.' Tapiero revealed that his firm has rejected over 200 projects due to excessive valuations, including the bankrupt FTX, BlockFi, and Celsius. 10T Holdings' investment criteria require a company valuation of over $400-500 million, with a price-to-sales ratio not exceeding 10 times. Despite concerns about valuation bubbles, PitchBook data shows that the volume of crypto venture capital deals in the first quarter of 2025 grew by over 100% quarter-on-quarter to reach $6 billion. Dan Morehead, CEO of Pantera Capital, suggested that venture capitalists adopt a 'equity + token' hybrid investment strategy, with 86% of the projects his firm invested in achieving profitability, and 22 becoming unicorns. (Coin Telegraph)