- Author’s OTS framework values HYPE at 36x P/E on trailing 30-day annualized revenue, including USDC yield expected in three weeks—below COIN at 70x and HOOD at 50x.
- HIP-3 remains in >90% fee-cut Growth Mode while Trade[XYZ] reached a ~$38M annualized revenue run rate; fee normalization, wider distribution, and potential US expansion support the upside case.
- HSI and other mechanical demand total ~$3.76B annualized against a $2.78B tradable float, which the author says could absorb the float in under nine months.
- The thesis is conditional: HYPE can fall near term, and the upside depends on future volume, volatility, and US entry; the author argues trailing metrics understate forward earnings.
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