Peter Thiel-Backed Crypto Stocks: Undervalued Tech-Financial Crossover Opportunities Post-Market Crash

The crypto market crash of 2025, which saw the total market cap drop from $4.1 trillion to $3.6 trillion, has created a landscape of both risk and opportunity. Among the most intriguing prospects are companies backed by Peter Thiel, whose investments in fintech and blockchain have historically blended contrarian bets with long-term vision. This analysis identifies undervalued crossover opportunities in Thiel's portfolio, comparing their financial metrics to traditional fintech and crypto benchmarks.

Bullish: A High-Risk, High-Reward Play

Bullish, the crypto exchange backed by Thiel and led by former NYSE president Tom Farley, exemplifies the volatility of the sector. Its IPO in August 2025 targeted a $4.23 billion valuation, a sharp discount from its 2021 SPAC attempt of $9 billion, according to a CNBC report. Despite a Q1 2025 net loss of $349 million, per a FinTelegram analysis, Bullish reported $2.55 billion in average daily trading volume-a 78% year-over-year increase, as detailed in an Investopedia article. The company's strategic pivot to convert IPO proceeds into stablecoins, leveraging the GENIUS Act's regulatory clarity, was noted in a Global Market News piece, positioning it to mitigate crypto price swings. However, its EV/Revenue multiple of 0.0x and a 67.3x EV/EBITDA multiple, shown on Bullish's public comps, suggest a precarious balance between growth and profitability. For investors with a high-risk tolerance, Bullish's institutional focus and ownership of CoinDesk-reported by a TechFundingNews article-could justify its current undervaluation.

Avantis and Plasma: DeFi's Quiet Innovators

Avantis, a decentralized perpetual exchange on Base, and Plasma, a stablecoin infrastructure firm, represent Thiel's bet on DeFi's institutional adoption. Avantis raised $8 million in Series A funding, as covered by Crypto India Magazine, and facilitated $7.5 billion in cumulative trading volume by mid-2025, according to a Phemex article. Its expansion into real-world assets like forex and commodities was reported by The Block, aligning with a broader trend of onchain diversification. Plasma, meanwhile, launched Plasma One-a neobank offering 10% yields on stablecoin balances-with $2.5 billion in TVL, per a Yahoo Finance article. While neither company's valuation multiples are publicly disclosed, their traction in emerging markets and institutional partnerships suggest they are undervalued relative to traditional fintech peers. For instance, fintech M&A deals averaged 4.2x EV/Revenue in Q3 2025, according to a Windsor Drake report, while blockchain firms reached 5.3x, per a Finerva report. Avantis and Plasma's focus on cross-border financial inclusion could position them for outsized growth.

Ramp: The Fintech Outlier

Thiel-backed Ramp, a corporate financial management platform, stands apart as a non-crypto fintech success story. Its valuation surged to $16 billion in June 2025, as reported in a TechStartups report, nearly doubling from $13 billion in March, according to an MSMTimes article. Ramp's $200 million funding round, led by Founders Fund (reported in the TechStartups piece), underscores its appeal to investors seeking stable, scalable infrastructure. Unlike crypto firms, Ramp trades at traditional fintech multiples, reflecting its profitability and enterprise focus. Its rise highlights the sector's shift toward operational efficiency-a trend that could make Thiel's crypto bets appear relatively undervalued.

Comparative Analysis: Where the Gaps Lie

Traditional fintech companies, such as eToro and Chime, traded at 1.6x EV/Revenue multiples in Q2 2025, per a Multiples.vc report, while crypto firms saw median multiples of 5.3x (as noted above from the Finerva report). Bullish's 0.0x EV/Revenue and Plasma's inferred growth metrics suggest a disconnect between their fundamentals and market perception. This gap may stem from crypto's inherent volatility and regulatory uncertainty. However, Thiel's track record-such as his early investment in PayPal and Palantir-demonstrates a knack for identifying disruptive infrastructure before mainstream adoption.

Conclusion: Strategic Bets for the Post-Crash Era

The 2025 market crash has created asymmetric opportunities for investors willing to navigate crypto's volatility. Bullish, despite its financial challenges, offers exposure to institutional-grade crypto infrastructure. Avantis and Plasma, with their focus on DeFi and stablecoin adoption, represent undervalued innovation in cross-border finance. Ramp, meanwhile, serves as a benchmark for what Thiel-backed fintech can achieve when prioritizing profitability. For those seeking long-term value, these companies-particularly Avantis and Plasma-appear poised to outperform as regulatory clarity and institutional demand converge.