Grayscale Names 15 Cheap Crypto Protocols as CLARITY Act Advances

Grayscale published a research note on June 24 that identifies 15 revenue-generating crypto protocols and argues most trade at single-digit multiples of trailing 12-month earnings. The timing lines up with the CLARITY Act, a bill that cleared the Senate Banking Committee 15-9 on May 14 and would assign each digital asset to either the SEC or the CFTC.

Zach Pandl, Grayscale’s Head of Research, wrote that favorable US regulatory changes should boost growth in tokenized assets and onchain finance. The list includes Hyperliquid, Aave, Uniswap, and a dozen others, with Hyperliquid alone generating about $800 million in revenue in 2025. Most trade at less than 10x trailing revenue – a multiple that would be viewed as distressed or ignored in traditional tech, where 20x to 30x is common.

The valuation gap is the hook. If the CLARITY Act becomes law, tokens currently stuck in regulatory limbo could attract institutional capital that avoids ambiguous assets. That is the thesis. The risk is that the bill dies before a floor vote, leaving these protocols cheap for a different reason: unresolved legal risk.

There is a structural tension in Grayscale’s argument. The asset manager runs investment products tied to several of the tokens on the list. Its research arm publishes a bullish note. Its business arm sells exposure to the same names. The two are not cleanly separated, which means the note is also a marketing document.