HYPE

“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.”