Writing
Writing
Every piece, newest first. Each links to its model and its price target, where it has one.
Is Extended the next billion dollar exchange? Probably.
October 2026
Europe is the prize. Extended aims to become the everything exchange for Europe: global perps, EU licences and a path to stocks, with eToro bringing 3m+ funded accounts and Circle providing the rails via Arc. Valuation built on a single 18x forward multiple on projected revenue.