Bankless · Monday, September 7, 2026
Austin Barack argues that Pump, despite its significant revenue growth and a 3x price increase, is still undervalued. He characterizes Pump as a 'durable casino business' due to its role in meme coin trading, likening it to gambling industries that have proven resilient, and believes a 5x multiple is too low, suggesting a 10x is more reasonable.
“A couple from different lens, from like a finance and valuation analysis perspective pump, I think it's still incredibly cheap. It's trading at 5x buybacks, where if you look at, you know, hyperliquid and lighter in the 30 to 40x buybacks range.”
“You know, people go to pump and trade meme coins looking for asymmetric returns, have very short trading time horizons. And I think it's similar to gambling in many respects. But there's nothing wrong with gambling. It's a very big business.”
“And trading at a 5x multiple to earnings is crazy in my opinion. I think 10x multiple to earnings is much more reasonable. That would be a 2x from current levels, assuming no further growth.”