Grayscale Says HYPE Still Looks Cheap Against Fintech Stocks
Grayscale Research says Hyperliquid (HYPE) may be undervalued against fintech equities.
The asset manager argues that the token can be valued based on cash flows, like a stock, and, on that basis, it looks cheap.
Grayscale Builds Its Case on a $1 Billion Hyperliquid Earnings Assumption
In a note published Tuesday, Head of Research Zach Pandl valued HYPE using an "earnings per token" method. The approach adapts the earnings-per-share metric used for stocks, since Hyperliquid issues no shares.
Grayscale assumes Hyperliquid will earn roughly $1 billion in 2027, up about 20% from 2025. The firm expects recovering crypto trading volumes and stablecoin reserve income under Hyperliquid's Aligned Quote Asset framework to drive the growth.
Pandl estimates the circulating supply will reach 270 million to 310 million tokens by the end of 2027. That produces projected earnings of $3.25 to $3.75 per token. At $54, the resulting forward multiple sits at roughly 15x to 18x.
"Despite the gains in Hyperliquid's HYPE token this year, it still looks cheap compared to fintech equities," the note read.
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