Summary

• Hyperliquid Strategies operates the leading decentralized, high-leverage trading platform, with HYPE as its native blockchain token.
• I do not see PURR as a "crypto treasury" company, since it only holds the token it issues and controls. I prefer to compare it to a casino chain.
• HYPE protocol trades at $18.04B FDV on ~$880M revenue (20.5x P/S, 28.5x EV/EBIT), representing a premium valuation for early-stage decentralized derivatives infrastructure.
• The valuation is fair, but industry risks include smart contract vulnerabilities, oracle manipulation, bridge exploits, and regulatory uncertainty.
• Given industry risks and the platform's dependency on continued trading activity, I rate both PURR and HYPE a HOLD.

For some time now I have argued that the crypto world suffers from a lack of real use-cases. Except for Bitcoin (BTC-USD) (which I keep seeing as a perfect candidate for a new global reserve currency) and the

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MSTR, BTC-USD, IBIT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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