Grayscale Research says Hyperliquid’s HYPE (CRYPTO: $HYPE) token remains inexpensive beside fintech and crypto stocks, even as shares of its largest public-market treasury vehicle trade lower.
The asset manager valued Hyperliquid using “earnings per token,” applying an equity-style framework to the protocol’s fee generation and token supply. Grayscale expects Hyperliquid to produce roughly $1 billion in earnings in 2027, about 20% above 2025 levels, supported by recovering crypto trading volumes and a new stablecoin revenue stream.
With approximately 270 million HYPE circulating, Grayscale expects supply to reach between 270 million and 310 million tokens by the end of 2027. That would place projected earnings per token between $3.25 and $3.75.
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At the roughly $54 price used in the analysis, HYPE traded at 15 to 18 times projected 2027 earnings. Circle (NYSE: $CRCL) carried a multiple near 40 times, followed by Coinbase (NASDAQ: $COIN) at 36 times, Robinhood (NASDAQ: $HOOD) at 35 times and Interactive Brokers (NASDAQ: $IBKR) at 29 times. Only PayPal (NASDAQ: $PYPL), near 10 times, traded below HYPE.
Grayscale head of research Zach Pandl said HYPE “still looks cheap” compared with fintech peers, particularly because Hyperliquid’s projected earnings growth exceeds the peer-group median through 2027.
Part of that forecast comes from Hyperliquid’s Aligned Quote Asset v2 infrastructure. A share of stablecoin reserve income is expected to flow back to the protocol, adding recurring revenue alongside trading fees and supporting token purchases.
The valuation case still depends on supply discipline. Core contributors are unlocking about 550,000 HYPE per month, while Grayscale modeled scenarios reaching five times that pace. Slower network revenue or faster circulation growth would reduce earnings attributed to each token.
Hyperliquid Strategies (NASDAQ: $PURR) held 20 million HYPE as of April 29, along with $103 million in cash. Its shares were trading at $6.17 Wednesday, showing that PURR is still being priced on more than the value of its token holdings alone.
Hyperliquid (CRYPTO: HYPE) is currently trading at $54.99 U.S. per digital token.