Grayscale just published what amounts to a shopping list for crypto investors who care about fundamentals. In a research note dated June 24, the asset manager identified 15 revenue-generating crypto protocols it believes are trading at bargain valuations, with most carrying single-digit multiples on trailing 12-month earnings.
The timing is deliberate. The CLARITY Act, a bill designed to sort out which digital assets are commodities and which are securities, cleared the Senate Banking Committee on May 14 with a 15-9 vote. If it becomes law, Grayscale thinks these protocols stand to benefit the most.
The list and why it matters
Grayscale’s top 15 revenue-producing protocols include HYPE, PUMP, CAKE, SKY, JUP, AAVE, AERO, WLFI, LDO, MET, ETHFI, LIT, CARDS, UNI, and RAY. The majority of these provide financial services or adjacent utilities like oracles and staking.
When a protocol trades at a single-digit multiple of its trailing revenue, it means the market is valuing its entire token at less than ten times what it earned over the past year. For comparison, traditional tech stocks routinely trade at 20x, 30x, or higher revenue multiples.
