Grayscale Sees HYPE as Undervalued Against Fintech Peers
Grayscale Research recently published an analysis stating that Hyperliquid's token, HYPE, appears undervalued when compared to its fintech and crypto equity peers.
The report by Grayscale Head of Research Zach Pandl used an 'earnings per token' model to assess the value of HYPE, which issues tokens instead of shares. The analysis assumed that Hyperliquid could generate about $1 billion in 2027 earnings, representing a roughly 20% growth from 2025.
Grayscale projected HYPE circulating supply between 270 million and 310 million tokens by late 2027, implying earnings of about $3.25 to $3.75 per token. At a current price near $54, the firm estimated a forward multiple of roughly 15 to 18 times.
The report compared HYPE with listed fintech and crypto companies, including Circle, Coinbase, Robinhood, Interactive Brokers, and PayPal, placing HYPE below most peers on a 2027 forward earnings basis. Circle traded near 40 times projected 2027 earnings, while Coinbase stood near 36 times.
However, the forecast depends on Hyperliquid reaching revenue and earnings targets over the next two years, with potential risks including slower network revenue growth and faster token supply growth.