Grayscale Investments has highlighted that the HYPE token linked to the Hyperliquid protocol continues to appear attractively priced relative to publicly traded fintech companies, even after substantial price appreciation earlier this year.
The assessment comes from Zach Pandl, the firm’s head of research, in a recent note published on the company’s research platform.
Hyperliquid stands out as a decentralized platform focused on perpetual futures trading.
Unlike conventional corporations, it does not issue equity shares. Instead, value generated by trading activity on the network flows to holders of its native HYPE token.
Analysts at Grayscale argue that this cash-flow dynamic allows the token to be evaluated in a manner comparable to traditional stocks, using an adapted metric called earnings per token rather than the more familiar earnings per share.
Under their framework, the research team projects that Hyperliquid could produce roughly one billion dollars in earnings during 2027.
That figure represents an increase of about 20 percent from estimated 2025 levels.
Growth is expected to stem from a rebound in overall cryptocurrency trading volumes and additional revenue streams created by a newly introduced stablecoin arrangement.
A portion of the income generated from stablecoin reserves is expected to flow back to the protocol under its updated infrastructure design.Token supply considerations also play a central role in the analysis.
Circulating HYPE currently stands near 270 million units.
The supply can expand through staking rewards and scheduled releases of tokens held by core contributors, while protocol fee burns work in the opposite direction by reducing the total.
Grayscale anticipates that circulating supply by the end of 2027 will fall somewhere between 270 million and 310 million tokens.
The range depends largely on the speed of contributor unlocks.
Core team members have been releasing approximately 550,000 HYPE each month; the firm’s models examine scenarios ranging from continuation of that pace up to five times the current rate.
Combining the earnings forecast with the projected supply range produces an estimated earnings-per-token figure of between 3.25 and 3.75 dollars for 2027. At a reference price of 54 dollars used in the study, this translates into a forward earnings multiple of roughly 15 to 18 times.
According to Pandl, that valuation multiple appears modest when set against those of comparable publicly listed fintech firms.
The research note therefore concludes that HYPE may still be undervalued relative to its traditional-market peers.
The analysis is not without caveats.
Potential risks include weaker-than-expected growth in network revenue or faster expansion of token supply than currently modeled.
Even so, the key message remains clear: despite the gains already recorded by HYPE this year, the token continues to look inexpensive on a comparative basis with fintech equities.
This perspective arrives at a time when institutional interest in decentralized trading platforms has been rising, with multiple exchange-traded products now offering exposure to HYPE. Grayscale’s earnings-based approach provides one structured method for investors seeking to assess the token’s fundamentals beyond pure market momentum.
