GLC

Hyperliquid Proposed Valuation || @HyperliquidX Hyperliquid is in a league of its own, with no real comparables in crypto. As the fastest-growing company in the industry, $HYPE presents a compelling R/R, backed by strong fundamentals and massive growth potential. What sets Hyperliquid apart is its intrinsic value: 🔹 High revenue-generating business 🔹Reinvesting 100% buying back $HYPE This valuation suggests significant upside: $100B+ opportunity if it successfully delivers on its vision of becoming "The House of Finance". The maximum downside seems limited: -55% based on bear case scenario. Let's break down this compelling R/R through a sum-of-the-parts valuation.

Despite a challenging start to the year for DeFi and yield-bearing assets, @maplefinance continues to stand out. Both syrupUSDC and syrupUSDT have continued to grow, with their respective supplies increasing by over 33% and 36% year-to-date. Their supplies are standing at around 1.55B for syrupUSDC and 0.9B for syrupUSDT, placing both assets among the top 10 largest yielding assets in the market. Deposits into these products have also continued to rise, reaching an ATH of $2.5B and still growing. This sustained momentum is not surprising: for over a year, syrupUSDC and syrupUSDT have delivered some of the highest and most consistent yields compared to their competitors. Below is a breakdown of supply across the different chains where these assets are deployed. As illustrated, their cross-chain expansion has been a key driver of growth. Additional deployments are expected in the near future. Maple.

It’s been a year since we shared our $HYPE valuation framework. A lot has changed since then, but I think we did a pretty solid job given the information we had at the time. Our target was $40–$60 over a one-year horizon. Today, we’re around $40, with an ATH at $60. While it’s nice to have been in that range, we were operating with a lot of uncertainty and luck definitely played a role. That said, what really made us bullish despite those uncertainties was our alignment with Hyperliquid’s ethos. Over the past year, we turned down opportunities because we didn’t want to sacrifice time that could be spent learning, researching, building relationships, and contributing to the ecosystem. GLC is still a young company, and we didn’t actively pursue deals for long periods of time but having conviction and building meaningful exposure to $HYPE has paid off far more than anything else could have. And today, we couldn’t be happier to be actively building on Hyperliquid with @FourPillarsFP through @HyperliquidR, thanks to our sponsors. I think that’s what happens when you’re willing to take risks and commit to something for the right reasons. For us, those reasons are simple: we want to help change how finance works. We want to see finance move onchain. We want to help make financial access more open and inclusive. And we want to be part of a community that is actively building toward that future. Looking back, this alignment, both in vision and in values, is what enabled the asymmetric upside. That said, it’s probably time for a new “equity-style” research piece on $HYPE. The bull case has gotten much bigger since then. Appreciate you all and your support. 2025 Hyperliquid Annual Report drops on Monday. Let’s change finance. Hyperliquid.

S&P partnering with @tradexyz to exclusively launch the first official S&P 500 perpetual contract on Hyperliquid is one of the strongest product-market fit validations we could have hoped for. This may well be one of the most significant validations ever seen for a company building on crypto rails, it is indeed hard to think of anything comparable. It’s an honor for us to be part of this ecosystem and to dedicate so much of our time to Hyperliquid, the blockchain to house all of finance. As @chameleon_jeff said, this partnership reflects years of collective effort across the entire ecosystem. Looking forward to everything that’s still to come. Stay tuned, on Monday, we’re releasing the 2025 Hyperliquid Annual Report. 2025 was a historic year for the team, and this report aims to capture it. Hyperliquid.