Why I follow the Money - HYPE Case Study (Patreon)

HYPE token is deeply undervalued. Despite generating $1.3B in annualized revenue and $1–1.5B in free cash flow, HYPE trades at only 9x FCF—well below the 20–40x multiples of comparable equity exchanges like Coinbase or Robinhood.

Why so Cheap?

Investors discount HYPE heavily due to regulatory uncertainty, limited governance rights, and lack of transparency. Yet Hyperliquid mitigates these risks by distributing 97% of revenue to holders and aligning incentives, making the discount excessive.

Fundamentals

Hyperliquid’s perps, spot trading, and L1 ecosystem rival billion-dollar peers but are priced at minimal or zero value, with misconceptions like using FDV further skewing valuations.

They also have build killer integrations (e.g., Phantom wallet), innovations (HIP-3, USDH stablecoin, Builder Codes), and institutional fundraising (~$900M) could drive significant upside.

Even better, this puppy is soon to be a top 10 crypto once ADA dies... and it is hard to believe it is not even on major CEXs yet like Coinbase... while coinbase list every shitcoin on the planet... I guess they see HYPE as a threat.

Bottom Line

HYPE is a “bargain token” using my traditional valuation metrics. PS I own HYPE.

PS HYPE just made another new ATH today

PPS it makes more money than ETH