@GLC_Research

InsiderHYPE 50%

GLC

9,919 followers · last synced 2026-05-10 · lookback 90d

Cohort medians below are the honest full-record aggregate over every matured call. The Scout / Insider tag is set by concentration — what share of those calls land on the handle's single most-mentioned token — and decides which leaderboard tab the handle appears in.

30d cohort

+22.8%

median excess · n=6 · win 67%

damped +16.8%

3 tokens · top HYPE 50%

90d cohort

+29.7%

median excess · n=1 · win 100%

damped +12.1%

1 token · top HYPE 100%

365d cohort

no matured calls

aggregate trajectory by token

one line per token · mean BTC-excess across all calls of that token, t0-anchored

Click a token to see its individual calls. Each line is the mean of all that token's mentions at each day-from-tweet (linearly interpolated where samples don't line up).

mentions (8)

date	token	1d	7d	30d	30d excess	90d excess	tweet
2026-05-08	HYPE	+1.6%	+1.0%	+1.0%	+23.2%	open	Some key takeaways from $PURR second earnings call 1. Trade[XYZ] & HIP-3 momentum @dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed. “When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.” 2. HIP-4: Outcome Markets While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives. A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape. 3. Growing mainstream recognition Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform. 4. $HYPE correlation dynamics David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events. 5. Balance sheet & capital allocation - $HYPE holdings: ~20M tokens (following ~$216M deployed since listing) - Additional purchases: 7.3M HYPE at ~$29.53 average - $PURR buybacks: $10.5M in December at ~$3.42 - $PURR Share sales: 6.2M shares at ~$6.31 The company still holds ~$102M in cash, providing significant flexibility for future deployments. “When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.” David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January). 6. Validator launch with Unit Labs One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs. Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs. This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11. 7. Quarterly performance - Net income: ~$150M (primarily driven by ~$HYPE +40% performance) - Staking revenue: ~$2.6M - Interest income: ~$1M - Cumulative loss: ~$165M (driven by Q4 performance) - Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy. --- Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs. The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4. Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid. Hope you'll find this summary useful. Hyperliquid.
2026-05-08	ETH	+0.7%	+1.5%	+1.5%	+23.7%	open	Some key takeaways from $PURR second earnings call 1. Trade[XYZ] & HIP-3 momentum @dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed. “When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.” 2. HIP-4: Outcome Markets While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives. A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape. 3. Growing mainstream recognition Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform. 4. $HYPE correlation dynamics David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events. 5. Balance sheet & capital allocation - $HYPE holdings: ~20M tokens (following ~$216M deployed since listing) - Additional purchases: 7.3M HYPE at ~$29.53 average - $PURR buybacks: $10.5M in December at ~$3.42 - $PURR Share sales: 6.2M shares at ~$6.31 The company still holds ~$102M in cash, providing significant flexibility for future deployments. “When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.” David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January). 6. Validator launch with Unit Labs One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs. Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs. This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11. 7. Quarterly performance - Net income: ~$150M (primarily driven by ~$HYPE +40% performance) - Staking revenue: ~$2.6M - Interest income: ~$1M - Cumulative loss: ~$165M (driven by Q4 performance) - Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy. --- Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs. The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4. Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid. Hope you'll find this summary useful. Hyperliquid.
2026-05-08	BTC	+0.2%	+0.2%	+0.2%	+22.4%	open	Some key takeaways from $PURR second earnings call 1. Trade[XYZ] & HIP-3 momentum @dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed. “When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.” 2. HIP-4: Outcome Markets While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives. A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape. 3. Growing mainstream recognition Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform. 4. $HYPE correlation dynamics David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events. 5. Balance sheet & capital allocation - $HYPE holdings: ~20M tokens (following ~$216M deployed since listing) - Additional purchases: 7.3M HYPE at ~$29.53 average - $PURR buybacks: $10.5M in December at ~$3.42 - $PURR Share sales: 6.2M shares at ~$6.31 The company still holds ~$102M in cash, providing significant flexibility for future deployments. “When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.” David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January). 6. Validator launch with Unit Labs One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs. Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs. This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11. 7. Quarterly performance - Net income: ~$150M (primarily driven by ~$HYPE +40% performance) - Staking revenue: ~$2.6M - Interest income: ~$1M - Cumulative loss: ~$165M (driven by Q4 performance) - Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy. --- Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs. The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4. Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid. Hope you'll find this summary useful. Hyperliquid.
2026-05-08	PURR	—	—	—	—	open	Some key takeaways from $PURR second earnings call 1. Trade[XYZ] & HIP-3 momentum @dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed. “When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.” 2. HIP-4: Outcome Markets While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives. A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape. 3. Growing mainstream recognition Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform. 4. $HYPE correlation dynamics David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events. 5. Balance sheet & capital allocation - $HYPE holdings: ~20M tokens (following ~$216M deployed since listing) - Additional purchases: 7.3M HYPE at ~$29.53 average - $PURR buybacks: $10.5M in December at ~$3.42 - $PURR Share sales: 6.2M shares at ~$6.31 The company still holds ~$102M in cash, providing significant flexibility for future deployments. “When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.” David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January). 6. Validator launch with Unit Labs One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs. Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs. This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11. 7. Quarterly performance - Net income: ~$150M (primarily driven by ~$HYPE +40% performance) - Staking revenue: ~$2.6M - Interest income: ~$1M - Cumulative loss: ~$165M (driven by Q4 performance) - Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy. --- Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs. The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4. Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid. Hope you'll find this summary useful. Hyperliquid.
2026-03-30	BTC	0.0%	+3.4%	+14.5%	-1.3%	open	Maple's active loans were naturally affected by $BTC price performance and broader market conditions throughout Q1, but they're closing the quarter on a strong note with $350M in new loans issued in a single day. When we started covering them, they had way less than $350M in total active loans. Now they can deploy that same amount in under 24 hours. @maplefinance now stands at $1.2B in active loans and $4.6B in AuM, with syrupUSDT just crossing the $1B deposits mark. The largest onchain asset manager now has two overcollateralized billion-dollar assets generating yield at scale. Our Q1 report is dropping soon, and it's coming in a new format. Maple.
2026-03-19	HYPE	-7.1%	-4.5%	+5.7%	-2.6%	open	It’s been a year since we shared our $HYPE valuation framework. A lot has changed since then, but I think we did a pretty solid job given the information we had at the time. Our target was $40–$60 over a one-year horizon. Today, we’re around $40, with an ATH at $60. While it’s nice to have been in that range, we were operating with a lot of uncertainty and luck definitely played a role. That said, what really made us bullish despite those uncertainties was our alignment with Hyperliquid’s ethos. Over the past year, we turned down opportunities because we didn’t want to sacrifice time that could be spent learning, researching, building relationships, and contributing to the ecosystem. GLC is still a young company, and we didn’t actively pursue deals for long periods of time but having conviction and building meaningful exposure to $HYPE has paid off far more than anything else could have. And today, we couldn’t be happier to be actively building on Hyperliquid with @FourPillarsFP through @HyperliquidR, thanks to our sponsors. I think that’s what happens when you’re willing to take risks and commit to something for the right reasons. For us, those reasons are simple: we want to help change how finance works. We want to see finance move onchain. We want to help make financial access more open and inclusive. And we want to be part of a community that is actively building toward that future. Looking back, this alignment, both in vision and in values, is what enabled the asymmetric upside. That said, it’s probably time for a new “equity-style” research piece on $HYPE. The bull case has gotten much bigger since then. Appreciate you all and your support. 2025 Hyperliquid Annual Report drops on Monday. Let’s change finance. Hyperliquid.
2026-02-11	PURR	—	—	—	—	—	Some key takeaways from $PURR first earnings call 1. $HYPE Holdings and Cash - Established a strong initial treasury with 12.5M HYPE tokens and $300M in cash contributed by investors. - Deployed $10.5M to repurchase ~3.0M PURR shares, reducing the fully diluted share count to 150.6M. - Deployed $129.5M to acquire ~5.0M additional HYPE tokens at ~$25.9, increasing total HYPE holdings to 17.6M. - $125M in remaining deployable capital. 2. $PURR Views on $HYPE and Treasury Strategy @dschamis and the team remain very impressed by $HYPE’s growth, especially with Builder Codes and HIP-3. They highlighted that at peak Silver volume, Hyperliquid processed around ~2% of total global Silver volume. They also highlighted that BLP (Portfolio Margin) and HIP-4 are the two upcoming updates they are most excited about, as they believe these will further expand $HYPE’s TAM. He mentioned: “Before HIP-4, for any startup trying to compete with Polymarket, it would have required significant capital, time, and execution capabilities. With HIP-4, these startups can focus on distribution, liquidity, and users without needing to build backend infrastructure.” They also stated that they believe $HYPE is currently undervalued, citing valuation multiples such as P/E being significantly lower than traditional benchmarks like the S&P. That said, they emphasized they will buy or sell both $HYPE and $PURR using a valuation-driven approach. From my understanding: - They will buy (sell) $PURR when mNAV is significantly below (above) NAV. "Not when mNAV is 0,9 - 1,1" - They will sell (buy) $HYPE when price is significantly above (below) their perceived fair value. This helps explain why they are currently accumulating more $HYPE. They believe $HYPE is undervalued. 3. $PURR’s Role Within the Ecosystem Today, a large part of $PURR value comes from providing U.S. investors access to $HYPE. David mentioned an HFT firm that actively trades crypto but currently cannot access $HYPE directly. Another key role is increasing $HYPE visibility/understanding, through direct investor meetings, TV appearances, and podcasts. David mentioned recognition has improved significantly but that a large audience still remains untapped. That said, they also expressed interest in increasing their direct participation within the ecosystem and potentially generating operating income, for example by running a validator. They emphasized they are not a hedge fund, and will only expand operating activities if they remain within their risk framework. 4. $PURR Net Asset Value Framework They also introduced their framework around $PURR mNAV and mentioned they would release a new dashboard tracking NAV in real time, adjusting dynamically based on both $PURR and $HYPE prices. They also stated they plan to update the dashboard weekly around company cash, purchases , etc. rather than only reporting when required by the SEC every quarter. We personally like this announcement a lot. 5. $HYPE Outstanding Supply David also shared their framework for estimating $HYPE outstanding supply, which we believe is very interesting and broadly aligns with our own way of thinking about circulating supply. Their framework suggests real supply is closer to ~47% of total supply. I mostly agree with this framework, although I think real outstanding supply could be even lower. AF buybacks are structurally deflationary, meaning effective circulating supply should continue decreasing over time. It may also make sense to factor in future AF buybacks and burns when thinking about forward supply. Regarding team allocation, there is limited additional analysis possible today due to lack of data. However, the team is currently unstaking ~90% less than the maximum allowed. I believe the majority of team supply will not hit the market for a very long time. -- This is a brief summary, but I believe it captures most of the key points. I’d like to thank @dschamis, @rediamondjr and their team for the work they are doing for Hyperliquid and the broader industry. They have been a net positive for the ecosystem, and I believe they are just getting started. Great job @dschamis for your first earnings call as CEO !! Looking forward to future ones and to seeing @HypeStrat role within the ecosystem continue to expand from here. Hyperliquid.
2026-02-11	HYPE	0.0%	+0.9%	+27.4%	+24.8%	+29.7%	Some key takeaways from $PURR first earnings call 1. $HYPE Holdings and Cash - Established a strong initial treasury with 12.5M HYPE tokens and $300M in cash contributed by investors. - Deployed $10.5M to repurchase ~3.0M PURR shares, reducing the fully diluted share count to 150.6M. - Deployed $129.5M to acquire ~5.0M additional HYPE tokens at ~$25.9, increasing total HYPE holdings to 17.6M. - $125M in remaining deployable capital. 2. $PURR Views on $HYPE and Treasury Strategy @dschamis and the team remain very impressed by $HYPE’s growth, especially with Builder Codes and HIP-3. They highlighted that at peak Silver volume, Hyperliquid processed around ~2% of total global Silver volume. They also highlighted that BLP (Portfolio Margin) and HIP-4 are the two upcoming updates they are most excited about, as they believe these will further expand $HYPE’s TAM. He mentioned: “Before HIP-4, for any startup trying to compete with Polymarket, it would have required significant capital, time, and execution capabilities. With HIP-4, these startups can focus on distribution, liquidity, and users without needing to build backend infrastructure.” They also stated that they believe $HYPE is currently undervalued, citing valuation multiples such as P/E being significantly lower than traditional benchmarks like the S&P. That said, they emphasized they will buy or sell both $HYPE and $PURR using a valuation-driven approach. From my understanding: - They will buy (sell) $PURR when mNAV is significantly below (above) NAV. "Not when mNAV is 0,9 - 1,1" - They will sell (buy) $HYPE when price is significantly above (below) their perceived fair value. This helps explain why they are currently accumulating more $HYPE. They believe $HYPE is undervalued. 3. $PURR’s Role Within the Ecosystem Today, a large part of $PURR value comes from providing U.S. investors access to $HYPE. David mentioned an HFT firm that actively trades crypto but currently cannot access $HYPE directly. Another key role is increasing $HYPE visibility/understanding, through direct investor meetings, TV appearances, and podcasts. David mentioned recognition has improved significantly but that a large audience still remains untapped. That said, they also expressed interest in increasing their direct participation within the ecosystem and potentially generating operating income, for example by running a validator. They emphasized they are not a hedge fund, and will only expand operating activities if they remain within their risk framework. 4. $PURR Net Asset Value Framework They also introduced their framework around $PURR mNAV and mentioned they would release a new dashboard tracking NAV in real time, adjusting dynamically based on both $PURR and $HYPE prices. They also stated they plan to update the dashboard weekly around company cash, purchases , etc. rather than only reporting when required by the SEC every quarter. We personally like this announcement a lot. 5. $HYPE Outstanding Supply David also shared their framework for estimating $HYPE outstanding supply, which we believe is very interesting and broadly aligns with our own way of thinking about circulating supply. Their framework suggests real supply is closer to ~47% of total supply. I mostly agree with this framework, although I think real outstanding supply could be even lower. AF buybacks are structurally deflationary, meaning effective circulating supply should continue decreasing over time. It may also make sense to factor in future AF buybacks and burns when thinking about forward supply. Regarding team allocation, there is limited additional analysis possible today due to lack of data. However, the team is currently unstaking ~90% less than the maximum allowed. I believe the majority of team supply will not hit the market for a very long time. -- This is a brief summary, but I believe it captures most of the key points. I’d like to thank @dschamis, @rediamondjr and their team for the work they are doing for Hyperliquid and the broader industry. They have been a net positive for the ecosystem, and I believe they are just getting started. Great job @dschamis for your first earnings call as CEO !! Looking forward to future ones and to seeing @HypeStrat role within the ecosystem continue to expand from here. Hyperliquid.