HYPE Valuation Model Uses Revenue Buybacks and Onchain Cash Flow

HYPE valuation uses $591M annualized buybacks, revenue data, and Onchain cash flows, while tokenized equities near $1B supply.

HYPE valuation is moving beyond token supply multiples as Allium Research applies an equity-style model.

The approach uses reported revenue, real buyback data, and Onchain cash flow. The firm cited $591 million in annualized buybacks and a nearly 24% fully diluted yield on current market cap.

HYPE Valuation Model Uses Revenue Buybacks and Onchain Cash Flow

Allium Research said many crypto valuations rely on supply-based multiples. The firm said that approach can support many outcomes.

Its HYPE valuation model follows a different method. It reviews the asset in a way equity analysts use for listed companies.

The model uses reported revenue, buyback data, and Onchain cash flows. Allium Research said HYPE has $591 million in annualized buybacks.

The firm also cited a nearly 24% fully diluted yield on current market cap. “The methodology is replicable,” Allium Research said.

The model places buybacks at the center of the review. It also links valuation to cash moving through the network.

Tokenized Equities Expand Across Onchain Markets

Allium Research also released a report on tokenized equities. The report said tokenized equities have reached about $1 billion in supply.

The market has grown since launches began in mid-2025. The report studies tokenized stocks, trading venues, liquidity, and global users.

Elton Shehdula, research lead at Allium, authored the report. It targets fintech platforms, exchanges, institutional investors, and market builders.

The report names Ondo, Backed xStocks, and Securitize among major issuers. It also reviews direct, indirect, and native models.

Allium Research said these structures shape access and trading design. They also affect how investors use tokenized equity products.

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Liquidity and Price Gaps Remain Key Areas

The report tracks activity across centralized and decentralized exchanges. It reviews where tokenized equity liquidity sits and how trading changes by venue.

Liquidity remains important because thin markets can create price gaps. Tokenized equity prices may differ from traditional shares during low-volume periods.

The report also reviews trading after traditional markets close. Onchain venues can support overnight price discovery, but data still depends on liquidity.

Allium Research said about 90% of tokenized equity volume comes from outside the United States. The report links that share to global access and demand.

The findings place HYPE and tokenized equities within a wider market shift. Cash flow, buybacks, and trading data are becoming central valuation inputs.

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