The Milk Road Show

Why Hyperliquid Might Be the Most Undervalued Asset in Crypto Right Now w/ David Schamis

14 snips
Oct 9, 2025
Guest
David Schamis
In this discussion, David Schamis, a Wall Street veteran and founder of a private equity firm, passionately argues that Hyperliquid's HYPE token is one of the most undervalued assets in crypto. He dives into why its unique volatility and revenue model create a compelling investment opportunity. David also reveals the details of an impressive $888M deal structure aimed at acquiring HYPE, highlights the challenges of its absence from major exchanges like Coinbase, and envisions a future where traditional assets migrate to on-chain trading via Hyperliquid.
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INSIGHT

Hyperliquid Dominates On-Chain Perps

  • Hyperliquid is the dominant on-chain perpetuals platform with massive recent revenues and market share.
  • Its token HYPE traded from $2B to $60B valuations and generated tens of millions monthly in fees.
INSIGHT

Fund Uses Token Contributions

  • The $888M vehicle collected both HYPE tokens and cash from investors, so most HYPE was already owned by participants.
  • The fund expects closing when token contributors either deliver existing holdings or buy before close.
INSIGHT

Scarcity Amplifies Valuation Case

  • Hyperliquid pairs strong free cash flow with scarcity because HYPE is hard to buy on standard exchanges, especially in the US.
  • That combination underpins the fund's thesis that HYPE is undervalued relative to cash flow.
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