Jeff Dorman(@jdorman81):hyperliquid:native gained $2.2 bn today in outstanding market cap today (570mm tokens of outstanding supply x $4 gain). That's 15x the add'l ~$150mm of earnings HYPE will earn via the new USDC / Coinbase / Circle deal. The market is assigning a 15x multiple to the new income stream for HYPE, yet the business as a whole trades at 27x ($22 bn on $800mm revenue), and $CRCL somehow trades at 30x earnings, even though they are losing $150mm of earnings from this since they keep paying it all to Coinbase and now Hyperliquid. Wild stuff

2026.05.14 17:44

hyperliquid:native gained $2.2 bn today in outstanding market cap today (570mm tokens of outstanding supply x $4 gain). That's 15x the add'l ~$150mm of earnings HYPE will earn via the new USDC / Coinbase / Circle deal. The market is assigning a 15x multiple to the new income stream for HYPE, yet the business as a whole trades at 27x ($22 bn on $800mm revenue), and $CRCL somehow trades at 30x earnings, even though they are losing $150mm of earnings from this since they keep paying it all to Coinbase and now Hyperliquid. Wild stuff

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