$100-150 $HYPE will come via P/E expansion while Growth Mode remains activated > Grow TradFi volumes, keep revenue consistent > Market shapes a growth story: what happens when Growth Mode ends and it makes all this extra revenue? No possible bear case anymore for "high margins priced to perfection" See P/E expand. Still far from CME, Robinhood, or Coinbase, which have, arguably, smaller growth potential relative to the industry and depend mostly on wide-market conditions.