$HYPE Token Found Undervalued by Grayscale Compared to Fintech Peers

Grayscale, one of the largest digital asset management firms, has published an assessment indicating that Hyperliquid's native token, $HYPE, is undervalued compared to traditional fintech companies. The firm applied a forward price-to-earnings (P/E) ratio of approximately 15x to 18x to the token, a valuation method typically reserved for equities.

This approach provides a more traditional financial framework for evaluating the token's worth, moving beyond speculative metrics often used in the crypto space. By calculating earnings on a per-token basis, analogous to earnings per share (EPS) in equity markets, Grayscale was able to derive a P/E ratio for $HYPE.

In its report, Grayscale compared $HYPE's current valuation to that of major fintech and crypto-exposed companies, including Coinbase (COIN), Robinhood (HOOD), and Circle. The firm concluded that $HYPE trades at a discount relative to these established players, suggesting room for price appreciation if the market adjusts its perception of Hyperliquid's revenue-generating capabilities.