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Key Takeaways
- Grayscale argues revenue-generating crypto protocols are trading at unusually low multiples.
- Several names with hundreds of millions in revenue trade at roughly 1x that figure.
- Hyperliquid leads on revenue at $871M; Uniswap is the priciest at 37x.
- Grayscale ties the thesis to the Clarity Act, a catalyst it sees weeks away.
- Grayscale is an asset manager, so the bullish framing carries that context.
It’s a fundamentals-over-sentiment case, and it’s worth examining closely, including what cuts against it.
The Valuation Anomaly
The core of Grayscale’s argument is a mismatch between revenue and price. When you set 12-month protocol revenue against market capitalization, a striking gap appears between protocols priced for their governance potential and those priced barely above their actual cash flow.
English (US)