Grayscale Sees Hyperliquid's HYPE Token as Undervalued Fintech Opportunity

Grayscale, an investment firm, has analyzed the financial structure of Hyperliquid's HYPE token. The report indicates that the asset is undervalued compared to typical metrics of publicly traded fintech companies. Grayscale used a methodology to evaluate the protocol through an earnings-per-token framework, similar to the earnings-per-share indicator used in traditional stock markets.

The firm's projections for 2027 suggest that Hyperliquid could generate around $1 billion in revenue, representing a 20% increase over estimated figures for 2025. This performance would be supported by a recovery in cryptocurrency trading activity and additional revenue derived from its strategic stablecoin alliance with Coinbase.

Grayscale also examined the supply dynamics of HYPE tokens, noting that the current circulating supply is approximately 270 million units. However, core contributors release nearly 550,000 tokens each month, which could increase the circulating mass. The firm's model considered different scenarios, ranging from the current emission rate to a fivefold increase in unlocking speed.

Based on these revenue and supply estimates, Grayscale's report calculates that the token could generate between $3.25 and $3.75 in earnings per unit by 2027. Using the $54 price referenced in the study, the asset is trading at 15 to 18 times its projected earnings.

Zach Pandl, Head of Research at Grayscale, stated that this multiple is accessible compared to publicly traded fintech companies. However, risk factors identified by the firm include the possibility of lower-than-anticipated protocol revenue and a faster-than-estimated token unlocking rate by the end of 2027.