Popular crypto stock rallies on blockbuster earnings

Investors are abandoning conventional earnings metrics to fuel the 290% rally of Hyperliquid Strategies. Despite generating only $9.5 million in actual revenue, the company’s $2.78 billion market cap is built almost entirely on $553 million in unrealized crypto gains. We are seeing a "fortress balance sheet" backed by volatility rather than cash flow, yet it continues to hit all-time highs. Is a stock actually worth billions if its only value is a speculative token? What's your take?
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