Definitely contrarian, but constructive on PUMP at these levels.

Hard to condense the thesis, but with a deeply entrenched business (revenue in SOL at ATHs) + a consumer layer up 5.6x, while buying back 17% of circ supply a year with muted insider sales, PUMP is cheap at 2.8x sales.

IMO it's a highly reflexive asset too few people are positioned for if we get another period of prolonged risk-on (pre Pons/Stonk it was leading the market).

To illustrate, because Pump has since added PumpSwap and the consumer layer, a return to ATH launchpad activity puts Pump at $280M/month.

Suggest reading the full report for our detailed thoughts and outlook.

https://x.com/shaundadevens/status/2098103821201281220