Grayscale Sees Hyperliquid's HYPE Token as Undervalued Opportunity

Grayscale, an investment firm, has released a report analyzing the financial structure of the HYPE token in the decentralized derivatives market. According to the report, Hyperliquid's HYPE token appears undervalued compared to fintech stocks. The firm 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 current circulating supply of the Hyperliquid protocol is approximately 270 million HYPE tokens. Core project contributors release nearly 550,000 units monthly through their allocation schedule. The Aligned Quote Asset version 2 integration establishes Coinbase as the official issuer for the USDC treasury on the network.

Grayscale's projections for 2027 indicate that the protocol could generate around $1 billion in revenue. This volume would represent an approximate 20% increase over the estimated figures for 2025, supported by a recovery in cryptocurrency trading activity and additional revenue derived from its strategic stablecoin alliance with Coinbase.