Grayscale said HYPE is still trading at a relatively low valuation, putting its forward price-to-earnings ratio at roughly 15x to 18x. The firm argued that Hyperliquid generates real cash flow, which allows the token to be valued in a way similar to equities. In Grayscale’s framing, however, the relevant metric is earnings per token rather than earnings per share. Based on that approach, Grayscale said HYPE still looks inexpensive compared with fintech peers including Coinbase, Robinhood, and Circle. Market data cited in the update showed HYPE at $55.32, down 1.5% over the past 24 hours. The note was reported by Odaily.
Grayscale said HYPE still appears undervalued, placing its forward price-to-earnings ratio at about 15x to 18x.
According to Grayscale, Hyperliquid has real cash flow, which makes it possible to value the token in a way similar to a stock. The firm said the benchmark in this case is earnings per token, not earnings per share. On that basis, Grayscale said HYPE still looks cheap relative to fintech peers such as Coinbase, Robinhood, and Circle.
Market data showed HYPE at $55.32, down 1.5% in the past 24 hours.
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