HYPE Valuation Hinges on Hyperliquid's Revenue Growth and Buyback Mechanism

Bitwise, an investment firm, believes Hyperliquid's revenue growth could justify a higher valuation for HYPE (the token), but only if it can sustain its current pace. According to Bitwise, HYPE 'could double in price and still be fairly valued,' but this assessment is specific to the protocol's operating performance, not the entire crypto market.

The firm points out that Hyperliquid has surpassed $1 billion in lifetime revenue as of June 2026 and was on pace to generate approximately $800 million during the year. The protocol directs 99% of eligible revenue toward open-market HYPE purchases through its assistance fund, providing a visible connection between platform usage and recurring demand for the token.

Bitwise emphasizes that 'fairly valued' is an analyst's judgment rather than a guaranteed price target. It assumes strong trading activity, durable revenue stream, and uninterrupted buyback mechanism without material governance or regulatory disruptions.