Grayscale: Hyperliquid's HYPE Token Presents Undervalued Opportunity Amidst Crypto Giants
Grayscale Research has issued a compelling report suggesting that Hyperliquid's HYPE token is currently trading at a substantial discount when compared to its peers in the fintech and cryptocurrency sectors. The analysis delves into Hyperliquid's projected financial performance, highlighting anticipated growth in earnings per token and revenue generation, positioning HYPE as a potentially overlooked investment opportunity.
Grayscale's In-Depth Analysis: HYPE Token's Undervalued Position
In a recent publication dated July 29, 2026, Grayscale Research illuminated the significant valuation gap for Hyperliquid's HYPE token (CRYPTO: $HYPE) relative to prominent companies such as Coinbase (NASDAQ: $COIN), Robinhood (NASDAQ: $HOOD), and Circle (NYSE: $CRCL). The asset management firm employed a rigorous equity-style valuation methodology, focusing on the protocol's fee generation and token supply dynamics.
Grayscale's projections paint a robust picture for Hyperliquid, forecasting approximately $1 billion in earnings for 2027. This represents a notable 20% increase over 2025 levels, propelled by an expected resurgence in crypto trading volumes and the introduction of a novel stablecoin revenue stream. With an estimated circulating supply of HYPE tokens ranging between 270 million and 310 million by the close of 2027, the projected earnings per token are anticipated to fall within the range of $3.25 to $3.75.
At the analysis's reference price of approximately $54 per HYPE token, the token's valuation translates to a price-to-earnings multiple of 15 to 18 times projected 2027 earnings. This stands in stark contrast to the multiples observed for its industry counterparts: Circle is valued at nearly 40 times earnings, Coinbase at 36 times, Robinhood at 35 times, and Interactive Brokers (NASDAQ: $IBKR) at 29 times. Only PayPal (NASDAQ: $PYPL), with a multiple close to 10 times, traded below HYPE, further underscoring its perceived undervaluation.
Zach Pandl, Grayscale's head of research, emphasized that HYPE continues to appear economically attractive when juxtaposed with its fintech competitors. He specifically noted that Hyperliquid's forecasted earnings growth trajectory surpasses the median growth rate of its peer group through 2027. A key driver for this optimistic outlook is Hyperliquid's innovative Aligned Quote Asset v2 infrastructure, which is expected to channel a portion of stablecoin reserve income back into the protocol, thereby augmenting recurring revenue streams alongside existing trading fees and facilitating token repurchases.
However, the sustained validity of this valuation model hinges on the disciplined management of token supply. While core contributors are currently releasing about 550,000 HYPE tokens each month, Grayscale's analysis considered scenarios where this pace could increase fivefold. Any deceleration in network revenue or an accelerated expansion of token circulation could potentially dilute the earnings attributable to each individual token. As of April 29, Hyperliquid Strategies (NASDAQ: $PURR) held 20 million HYPE tokens and $103 million in cash. Its shares were trading at $6.17, indicating that PURR's market capitalization incorporates more than just the value of its HYPE token holdings. Currently, Hyperliquid's HYPE token is valued at $54.99 USD per digital token.
This detailed assessment by Grayscale offers valuable insights for investors contemplating opportunities within the evolving cryptocurrency landscape, pinpointing HYPE as a digital asset that warrants closer examination due to its favorable earnings potential relative to its present market valuation.
