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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.
Zach Pandl, Grayscale’s Head of Research and the report’s author, argued that favorable US regulatory changes on the horizon should boost growth in tokenized assets and onchain finance.
Hyperliquid leads the pack
Among the 15 names, Hyperliquid stands out as the revenue heavyweight. The perpetuals trading platform generated approximately $800 million in revenue in 2025, establishing itself as one of the highest-earning protocols in all of crypto.
Aave and Uniswap also earned notable mentions. Grayscale flagged both as undervalued relative to their revenue generation potential.
The CLARITY Act, explained
The legislation driving Grayscale’s thesis is the CLARITY Act, which aims to draw a clear jurisdictional line between the SEC and the CFTC when it comes to digital assets. It would define which tokens are securities (SEC territory) and which are commodities (CFTC territory).
The bill’s 15-9 committee vote advanced through the Senate Banking Committee, representing meaningful progress. Previous attempts at comprehensive crypto legislation have stalled at earlier stages.
What this means for investors
There’s a subtle risk in the list itself. Grayscale is one of the largest digital asset managers in the world. When it publicly highlights specific tokens as undervalued, it’s not a disinterested observation. The firm manages products tied to many of these assets, which means its research and its business interests are not entirely separable.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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