Grayscale Says HYPE Looks Undervalued Against Fintech Stocks
TLDR
- Grayscale said HYPE looks cheap compared with major fintech and crypto equity peers.
- Grayscale projected Hyperliquid could earn about $1B in 2027.
- HYPE traded near $54, about 29% below its mid-June all-time high.
- Spot HYPE funds posted $8.6M in outflows for a second weekly loss.
- Grayscale cited slower revenue growth and faster token supply growth as key risks.
HYPE traded near $54 after a sharp pullback, even as Grayscale Research said Hyperliquid may still look undervalued against fintech and crypto equity peers.
Grayscale Values HYPE Through Earnings Per Token
Grayscale Head of Research Zach Pandl used an “earnings per token” model to assess Hyperliquid. The approach adapts earnings-per-share analysis because Hyperliquid issues tokens instead of shares.
Grayscale assumed Hyperliquid could generate about $1 billion in 2027 earnings. The estimate represents roughly 20% growth from 2025, supported by recovering crypto trading volumes and stablecoin reserve income.
Pandl said Hyperliquid’s Aligned Quote Asset framework could add another revenue stream. Under that setup, part of stablecoin reserve income would flow directly to the protocol.
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