Hyperliquid's current circulating market cap is now almost on par with Coinbase's. The moment when the newcomer catches up with the veteran shows it's no longer cheap. Let's compare some operational data. Based on revenue scale: Coinbase $6.30B > Circle $2.91B > Hyperliquid $1.07B Hyperliquid's net profit margin is about 77%, Circle's is around 15%, while Coinbase's TTM is -15.7% (GAAP loss). The loss comes from crypto portfolios and strategic investments, but the core business's quarterly profit remains positive. Coinbase's losses and Circle's stock price are essentially tied to the same issue. Coinbase holds shares in Circle, so the harder Circle falls, the worse Coinbase's GAAP net profit looks. Meanwhile, Circle's stablecoin revenue sharing can still feed back into Coinbase.