Grayscale Research said in a new report that Hyperliquid’s native token, HYPE, remains undervalued relative to publicly listed fintech companies. Zach Pandl, the firm’s head of research, used an “earnings per token” framework modeled on the equity concept of earnings per share to assess the token’s valuation. Under that approach, Grayscale estimates Hyperliquid could generate about $1 billion in protocol profit by 2027, roughly 20% higher than its 2025 level. The report also projects HYPE circulating supply will rise to between 270 million and 310 million tokens by the end of 2027, implying earnings per token of about $3.25 to $3.75. Based on a current token price of around $54, that puts HYPE on a forward price-to-earnings multiple of roughly 15x to 18x, which Grayscale said is still below that of most fintech companies. The report also flagged two main risks: protocol revenue growth falling short of expectations and token supply expanding too quickly. At the same time, HYPE has dropped about 29% from its June all-time high, while recent institutional unstaking and capital outflows have continued to weigh on market sentiment.
Grayscale Research said in its latest report on July 29 that Hyperliquid’s native token, HYPE, still appears undervalued compared with publicly listed fintech companies.
Zach Pandl, Grayscale Research’s head of research, applied an “earnings per token” valuation model in the report, using a framework similar to the equity metric of earnings per share, or EPS.
Grayscale lays out its HYPE valuation case
The report estimates that Hyperliquid’s protocol profit will reach about $1 billion in 2027, up roughly 20% from 2025.
It also projects that HYPE circulating supply will increase to 270 million to 310 million tokens by the end of 2027. On that basis, earnings per token would come in at about $3.25 to $3.75.
Using a current price of around $54, Grayscale calculates that HYPE is trading at a forward price-to-earnings ratio of about 15x to 18x. The firm said that level remains below the valuation of most fintech companies.
Revenue growth and supply expansion cited as key risks
The report also identified two main risks: protocol revenue growth coming in below expectations, and token supply expanding too quickly.
At the same time, HYPE is down about 29% from its June all-time high. Recent institutional unstaking and ongoing capital outflows have also continued to put pressure on market sentiment.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
