Michael Zhao

Michael Zhao is an investment and crypto research professional with a background spanning real estate private equity, digital asset research, macroeconomic analysis, and decentralized finance. He is currently a Senior Associate at Grayscale Investments, where he focuses on crypto research, including macro, on-chain, and tokenomics analysis, with a particular focus on Hyperliquid and DeFi, and previously worked as an analyst and senior analyst at a real estate private equity fund. ^[5]

Education

Zhao graduated from Georgetown University with a Bachelor’s in Accounting and Finance in 2019. ^[1]

Career

Zhao began his career at FCP in 2019 as an Analyst, focusing on real estate private equity and the acquisition and management of multifamily assets across the United States. He was promoted to Senior Analyst at FCP in 2021 and continued working in real estate private equity until joining Grayscale Investments in 2022 as a Senior Associate, working in crypto research across macroeconomic analysis, on-chain data, and tokenomics. His work has included research on individual protocols and decentralized finance, with a particular focus on Hyperliquid, as well as leading Grayscale’s collaboration with Hyper Holdings Global LP for its Hyperliquid ETF. ^{[1] [3]}