Grayscale Says Top 15 Revenue-Generating Crypto Protocols Look Undervalued: What’s Behind the Discount?

After a long bear market, a pocket of value has appeared in on‑chain, cash‑flowing protocols. Grayscale’s June 24 research note highlights 15 top‑earning applications trading mostly at single‑digit multiples of trailing 12‑month revenue, offering a fundamentals‑driven “shopping list” to token investors.[1][2][3] This sits within a broader view that Bitcoin could reach a new all‑time high in the first half of 2026.[6]

The call coincides with progress of the U.S. CLARITY Act, which aims to define whether tokens fall under SEC or CFTC oversight—potentially a major repricing catalyst.[2][3][10] The bill has already passed the Senate Banking Committee 15–9, signaling rare momentum for market‑structure reform.[2][3][10]

Key takeaway: Grayscale is targeting protocols with visible on‑chain revenues that markets are valuing as if growth has already ended.[1][3][4]

1. Inside Grayscale’s Undervaluation Call

Grayscale’s top‑15 revenue‑generating protocols are HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY.[1][2][4] They anchor core segments of DeFi and on‑chain finance:

• Lending / money markets: AAVE
• Decentralized exchanges: CAKE, UNI, RAY
• Derivatives venues: HYPE, PUMP
• Staking / infrastructure: LDO, WLFI, ETHFI
• Utilities and support: SKY, LIT, AERO[3][4]

Grayscale’s thesis:

• Many tokens trade at single‑digit trailing revenue multiples.
• PancakeSwap (CAKE), Meteora (MET), and Collector Crypt (CARDS) are near 1x annual revenue.[3][4]
• By contrast, mature tech/fintech stocks often trade at 20x–30x revenue with slower growth.[2][3]

Data point: Hyperliquid (HYPE), a perpetuals exchange, leads with about $871 million in revenue over 12 months and roughly $800 million in 2025 YTD, yet still appears cheap on trailing multiples.[1][3][4]

Researchers Zach Pandl and Rizwan Ansari place this in the CLARITY Act context:

• Clarifies SEC vs. CFTC jurisdiction and token classifications.
• Could reduce legal risk, expand listing options, and normalize access for DeFi protocols.[1][2][3][10]

Key point: Grayscale’s head of research links potential passage of CLARITY to growth in tokenized assets and on‑chain finance, casting today’s low multiples as an entry point ahead of regulatory relief.[1][3]

2. Why the Top 15 Protocols May Be Mispriced

On‑chain protocols differ from traditional firms:

• Small teams, lean treasuries, automated smart contracts.
• High share of gross revenue can flow to tokenholders as earnings or free cash flow.[3][4]

Against that, low single‑digit revenue multiples are notable:

• CAKE, MET, and CARDS trade near 1x annualized protocol revenue.[3][4]
• Most other top‑15 names are also at single‑digit multiples, despite being among crypto’s highest earners.[3][4]
• Markets seem to discount both revenue durability and regulatory overhang.

An equity parallel is BitMine Immersion Technologies (BMNR):

• Market cap ≈ $10.68 billion vs. digital‑asset treasury ≈ $12.37 billion.
• Implied market‑to‑NAV ≈ 0.86x, valuing the stock below its ETH holdings.[8]
• Discount reflects uncertainty around ETH‑linked exposure—similar to periodic discounts for proxy BTC names like MSTR.[8]

Analysts see the CLARITY Act as a “de‑risking event” for ETH‑linked assets and, by extension, revenue‑generating protocols once their status and listing paths are clearer.[8][10] Exchange behavior underscores the uncertainty: major venues such as Binance and Bithumb frequently adjust listings and network support in response to shifting guidance.

Institutional posture mirrors that caution:

• Among allocators planning to increase digital‑asset exposure, 65% cite improved regulatory clarity as the main driver.
• 81% prefer regulated vehicles for access.[7]
• Data providers and commentators—from CoinGlass and CoinPedia to brokers like NordFX—regularly note how liquidations, derivatives complexity, and fragmented liquidity drive higher risk premia.[6][7][8]

3. How Investors Might Use Grayscale’s List

Grayscale’s list is a screening universe, not a buy‑and‑forget portfolio. Key lenses:

• Revenue quality:
  • Recurring, protocol‑driven fees vs. short‑lived volume spikes.
• Token design:
  • Direct fee sharing / buybacks vs. purely governance or utility roles.
• Governance:
  • Upgradeable, responsive frameworks vs. rigid DAOs.[3][4]

A simple framework:

1. Compare revenue or earnings multiples to DeFi peers and public fintech/SaaS benchmarks.
2. Model revenues under stressed assumptions: lower volumes, leverage, and risk appetite.
3. Map tokenholder rights—fee flows, buybacks, voting—to standards institutions apply to digital assets.[3][6][7]

Institutional context:

• Nearly half of institutions report stricter risk management and sizing for crypto.
• Around two‑thirds access the space via regulated ETPs/ETFs.[6][7]
• U.S. spot Bitcoin ETFs have drawn over $58 billion in cumulative inflows, signaling persistent demand despite macro volatility.[6][9]

If CLARITY and related reforms pass:

• More activity could move to compliant venues.
• Listing standards and token classifications could stabilize.
• Legal risk and perceived tail risks around DeFi primitives may fall, supporting higher multiples as risk premia compress.[3][6][10]

Key point: Participation still requires discipline—sensible position sizes, diversification across protocols and access vehicles, and active monitoring of legislative milestones to adjust exposure.

Conclusion: Undervalued Cash Flows in a Shifting Rulebook

Grayscale’s research spotlights a compact set of high‑earning protocols—led by Hyperliquid and spanning DeFi, staking, and infrastructure—trading on unusually low revenue multiples after a harsh cycle.[1][3][4] The gap reflects both cyclical skepticism and unresolved questions over U.S. treatment of different token types.

With the CLARITY Act now central to market‑structure reform, the next policy phase could reset valuations if clearer rules reduce legal risk and unlock larger institutional flows.[2][3][6][10] That would reinforce Grayscale’s broader thesis on [Bitcoin] and tokenized assets, where regulatory certainty and on‑chain cash flows are mutually reinforcing.

Action step: before allocating, analyze on‑chain data for each of the 15 names—revenue mix, user retention, tokenholder rights—and track regulatory progress closely. If clarity narrows today’s discounts, prepared investors will be positioned to respond.