Research Reports 24 reports

XRP is the native token of the XRP Ledger, designed for high-speed cross-border payments and settlement. With Ripple's SEC lawsuit concluded and institutional partnerships expanding, XRP is positioned to capture share of the $150T annual cross-border payments market.

Hyperliquid is the fastest-growing perpetuals DEX, generating $3M+ in daily fees with a fully on-chain order book running at 100,000+ TPS. With HyperEVM launching a general-purpose L1, HYPE is transitioning from a single-product DEX token to an L1 ecosystem play at a fraction of comparable chains' valuations.

Bittensor is the decentralized AI network that incentivizes the production of machine intelligence. With 64+ specialized subnets covering text, image, coding, and prediction tasks, TAO is the governance and incentive layer for an open AI compute marketplace — positioned to capture the rapidly growing demand for permissionless AI infrastructure.

Chainlink is the dominant oracle network securing $75B+ in DeFi value across 1,700+ integrations. With CCIP (Cross-Chain Interoperability Protocol) enabling tokenized real-world assets on-chain, Chainlink is transitioning from infrastructure to protocol revenue — a catalytic shift our model captures.

Dogecoin is the original meme coin and now a legitimate payments asset with Dogecoin Foundation backing, X (Twitter) payment integration development, and growing merchant acceptance. DOGE's massive retail mindshare and low transaction fees make it a credible payments rail with asymmetric upside.

Polkadot's heterogeneous multi-chain architecture is undergoing its largest upgrade with JAM (Join-Accumulate Machine), replacing the relay chain model with a more scalable compute engine. At current prices, DOT trades at a significant discount to its parachain ecosystem book value.

Cardano is a peer-reviewed, formally verified Layer 1 blockchain now in full DeFi deployment. With 1.3M+ active wallets, Hydra state channels enabling high throughput, and governance-driven treasury funding ecosystem growth, ADA remains deeply undervalued relative to its fundamentals.

Avalanche's subnet architecture enables customizable, application-specific blockchains that settle to a shared validator set. With Avalanche9000 dramatically reducing subnet launch costs and major financial institutions deploying private subnets, AVAX is a deep-value bet on modular blockchain infrastructure.

Aave is the largest decentralized lending protocol with $20B+ in total value locked across 14 networks. With GHO stablecoin reaching $200M+ supply, Aave v4 launching cross-chain liquidity, and $30M+ in annualized protocol revenue, AAVE trades at a significant discount to comparable DeFi blue chips.

Bitfarms is a global Bitcoin miner with operations in Canada, Argentina, Paraguay, and the United States. Trading at one of the deepest discounts to hash rate value among public miners, Bitfarms offers high-beta exposure to Bitcoin's next cycle with significant optionality from its low-cost Latin American power contracts.

Iris Energy is a Bitcoin miner and AI cloud computing company powered exclusively by renewable energy. With a strategic pivot to GPU cloud services generating $2M+ in monthly AI revenue from NVIDIA H100 clusters, IREN is successfully executing on the Bitcoin miner-to-AI infrastructure playbook at an early stage.

Solana is the highest-throughput Layer 1 blockchain, processing 65,000+ TPS at sub-cent transaction costs. With a dominant DeFi ecosystem, explosive consumer app adoption, and Firedancer client launching, SOL is positioned to capture meaningful share from Ethereum's application layer.

CleanSpark is a pure-play Bitcoin miner with 40+ EH/s operational hash rate, ranking among the most efficient large-scale miners in North America. CleanSpark's disciplined acquisition strategy — buying distressed facilities at below-replacement cost — has built one of the lowest-cost mining fleets in the industry.

Riot Platforms is one of the largest US Bitcoin miners with 31+ EH/s of deployed hash rate and 1,800+ BTC on its balance sheet. Riot's 750MW Rockdale, Texas facility offers among the lowest power costs in the industry, while expanding into HPC/AI hosting adds a non-cyclical revenue stream at premium margins.

Hut 8 Mining has evolved beyond pure Bitcoin mining into a diversified digital infrastructure company, operating both Bitcoin mining and high-performance computing facilities. The merger with US Bitcoin Corp created a company with 9,100+ self-mined BTC on balance sheet and multi-year HPC contracts providing stable recurring revenue.

Ethereum is the dominant settlement layer for decentralized finance, generating $2.7B in annualized fee revenue. With EIP-1559 burn mechanics making ETH deflationary at high usage, and the restaking ecosystem expanding total yield opportunities, our DCF model prices ETH at $8,500 based on projected 2025 fee revenue of $5.2B.

Galaxy Digital is a full-service crypto financial institution operating asset management, trading, investment banking, and mining businesses. With $11B+ in AUM, deep institutional relationships, and significant BTC/ETH holdings on its balance sheet, Galaxy is the crypto merchant bank positioned to benefit from institutional adoption.

Marathon is the largest publicly traded Bitcoin miner by hash rate (33.7 EH/s) and BTC holdings (17,631 BTC). Our valuation combines a per-EH/s hash rate multiple, NAV on BTC treasury, and a DCF on mining operations assuming BTC at $120K. At $42, MARA trades at fair value for its combined mining + treasury business.

Bitcoin remains the most asymmetric risk/reward asset in crypto. With the 2024 halving complete and institutional adoption accelerating via spot ETFs, BTC is positioned for a supply-driven repricing. Our $185,000 target reflects a conservative 3.2% capture of global store-of-value markets (gold, bonds, real estate) by end of cycle.

Robinhood is the leading retail trading platform with 24M+ funded accounts and rapidly growing crypto revenue. As retail investors rotate into crypto, Robinhood's zero-commission model and wallet product position it to capture disproportionate transaction volume — with crypto now representing 30%+ of net revenues.

Block Inc. builds financial tools including Cash App, with significant Bitcoin treasury holdings and crypto trading services. Cash App processes billions in Bitcoin transactions annually, TBD (Wallet) builds open-source Bitcoin infrastructure, and Block holds 8,000+ BTC on its balance sheet — making SQ a diversified bet on Bitcoin's role in mainstream finance.

MicroStrategy holds 214,246 BTC ($18.1B) acquired at an average cost of $35,160 per coin. The stock trades at a 1.55x NAV premium justified by its unique "BTC yield" strategy -- using capital markets to accretively increase BTC per share. Our $2,400 target assumes BTC at $140K and a sustained 1.3x NAV premium.

BNB is the native token of BNB Chain, the largest smart contract platform by daily active users. With quarterly BNB burns reducing supply and opBNB (the L2) hitting 10M+ daily transactions, BNB's deflationary tokenomics and Binance ecosystem lock-in create compelling value accrual at current prices.

Coinbase is the only publicly traded, fully regulated US crypto exchange. Our sum-of-parts analysis values the exchange at $28B, staking/custody at $8B, and Base L2 at $12B. At $380 per share, Coinbase reflects fair value for a business that will benefit disproportionately from US regulatory clarity and the next retail wave.