Grayscale Says Hyperliquid’s HYPE Token Looks Undervalued Compared With Fintech Stocks

TL;DR: 

• 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.

Investment firm Grayscale presented an analysis of the financial structure of the HYPE token in the decentralized derivatives market. The asset manager’s estimate indicates that the asset maintains a moderate valuation level compared to typical metrics of publicly traded financial technology companies.

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. While Hyperliquid does not issue traditional corporate shares, the firm highlights in its report that its operating income allows for calculating comparable financial metrics.

Grayscale’s projections for 2027, according to its report, 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. According to the firm, this performance would be supported by a recovery in cryptocurrency trading activity and additional revenue derived from its strategic stablecoin alliance.

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