POPA ReconDiscounted at 20% and valued on the 890M HYPE left after buybacks, that's $128 per HYPE at 40x.
Discounted at 20% and valued on the 890M HYPE left after buybacks, that's $128 per HYPE at 40x. Our bull case (5% capture at 40x) is $165 per HYPE, against $124 in our March note, even though we now divide by almost three times as many tokens. TradFi capture now matters more than the crypto cycle. At 25x, tripling crypto volume adds about $30 per HYPE and moving from 1% to 5% capture adds about $48. The biggest risk is fees. If the TradFi fee falls to CME's level, the base case drops to $66 at 30x. https://x.com/Decentralisedco/status/2115419671721803856
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