mNAV TECHNOLOGY

After chatting with many teams about their development and the current state of their projects, the next @HyperliquidX House of all Finance paper is finally here. (drive.google.com/file/d/1uikw-E…)

Exclusive: Kalshi and Polymarket, the two dominant prediction-market companies, are talking to investors about raising money at around the same eye-popping valuation of $20 billion. on.wsj.com/4lbIIOu

Cantor Fitzgerald is the first and only Wall Street bank to-date to issue equity research on Hyperliquid DATs. Not only are they the first, but they've initiated coverage with bullish overweight ratings. It's rare during crypto winter to showcase relative strength when it comes to $HYPE price performance, DATCO unrealized profits & mNAV multiples, and Wall Street coverage. Surely, it's a prelude for more good things to come. Feel free to DM if you'd like access to Cantor's primer. coindesk.com/markets/2025/1…

HIP-3 just launched 5 months ago, yet CL perps (WTI crude oil) represents the 2nd highest daily trading volume (next to BTC) + HIP-3 perps represent 6 of the top 10 highest traded contracts on @HyperliquidX today. For a platform with real users and real volume, this is both meaningful and convincing product market fit. HIP-3 on Hyperliquid 🔥

3/ Chairman Thomas "Tom" Lee @fundstrat states: "Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices. We continue to believe that crypto prices are in the late/final stages of the 'mini-crypto winter' and are tracking the base case outlined by Bitmine's advisor, Tom DeMark of DeMark Analytics @DeMarkAnalytics (aka @demarksymbolik Symbolik.com). According to DeMark, ETH prices in 2026 are tracking the path of S&P 500 in the fall of 2011 and fall of 1987 closely." "The correlations to these price trajectories is 89% and 93%, for 2011 and 1987, respectively (see charts below). And if these analogs hold, ETH prices bottom between March 8th to March 14th and just below the recent lows of $1,740. Again, consistent with crypto in the final stages of 'mini-crypto winter.'" "As the adage goes, nobody 'rings the bell at the bottom' and therefore Bitmine's strategy is to now slightly increase its pace of ETH accumulation. In the past week, we acquired 60,976 ETH compared to an average of 45k to 50k weekly recently."