Overview
- Grayscale published a research note on June 24 naming 15 revenue‑generating protocols it views as trading at bargain valuations relative to trailing 12‑month revenue.
- The note highlights protocols that trade at single‑digit multiples of revenue and cites examples such as Pump.fun, which recorded about $459 million in revenue versus a roughly $456 million market cap, and Hyperliquid, which led the list with about $800–871 million in trailing revenue.
- Grayscale links its thesis to the CLARITY Act, which cleared the Senate Banking Committee on May 14, saying clearer rules could reduce legal frictions and make fee‑earning networks easier for institutions to evaluate.
- Analysts and the coverage warn of key caveats: much protocol revenue can be short‑lived, fee income does not always flow to token holders, and some tokens trade at premiums for governance optionality rather than current cash flow.
- Observers also note Grayscale’s commercial interest as a major asset manager, and say investors should watch whether institutional flows follow any legislative progress because that will test whether these low multiples reflect true value or priced risks.