HYPE traded near $54 after a sharp pullback, even as Grayscale Research said Hyperliquid may still appear undervalued relative to fintech and crypto equity peers.

Grayscale’s comparison arrives at a time when the market is weighing Hyperliquid’s tokenomics and future revenue potential against a broader set of listed financial platforms, rather than against crypto assets alone. That makes the valuation discussion more relevant for readers tracking how token-based networks are increasingly being measured with equity-style multiples.

Grayscale Values HYPE With an “Earnings per Token” Model

Grayscale Head of Research Zach Pandl used an “earnings per token” model to evaluate Hyperliquid. The framework adapts earnings-per-share analysis because Hyperliquid uses tokens rather than shares.

Grayscale assumed Hyperliquid could produce about $1 billion in 2027 earnings. The estimate implies roughly 20% growth from 2025, supported by recovering crypto trading volumes and stablecoin reserve income.

Pandl said Hyperliquid’s Aligned Quote Asset framework could create another revenue stream. Under that structure, part of stablecoin reserve income would flow directly to the protocol.

Grayscale projected HYPE circulating supply at between 270 million and 310 million tokens by late 2027. That range would imply earnings of about $3.25 to $3.75 per token.

At a HYPE price near $54, Grayscale estimated a forward multiple of roughly 15 to 18 times. The firm said, “Despite the gains in Hyperliquid’s HYPE token this year, it still looks cheap compared to fintech equities.”

HYPE Trades Below Most Fintech Peers

Grayscale compared HYPE with listed fintech and crypto companies including Circle, Coinbase, Robinhood, Interactive Brokers, and PayPal. On a 2027 forward earnings basis, the analysis placed HYPE below most of those peers.

Circle traded near 40 times projected 2027 earnings, while Coinbase stood near 36 times. Robinhood traded around 35 times, and Interactive Brokers was near 29 times.

HYPE was near the lower end of the group, above only PayPal’s roughly 10 times multiple. Grayscale said Hyperliquid’s expected earnings growth could support a higher valuation than its current level.

The firm also pointed to faster expected growth than the median peer group. Still, the forecast depends on Hyperliquid meeting revenue and earnings targets over the next two years, which means the valuation case remains tied to execution rather than current price action alone.

Pandl identified two main risks to the valuation case. Network revenue could grow more slowly than expected, while token supply could rise faster than projected.

Core contributors have been unlocking about 550,000 HYPE per month. Grayscale modeled a broader range that includes supply growth of up to five times that monthly pace.

HYPE Price Faces Short-Term Pressure

The valuation note came during a weaker stretch for HYPE price action. The token fell more than 13% over the past month and traded about 29% below its mid-June record high.

Institutional activity also weighed on sentiment through July. Multicoin Capital and Paradigm unstaked around $291 million in HYPE last week, drawing attention to possible supply movement.

Spot HYPE funds recorded $8.6 million in outflows last week. That was their second consecutive weekly loss, while assets fell 18% from their July 10 peak.

Source: X

A separate technical view said HYPE is approaching a support confluence area. The analysis identified a weekly fair value gap between $47 and $54.

The same view also pointed to a bullish order block between $38 and $43. That zone overlaps with the 0.382 to 0.5 Fibonacci retracement area.

Technical traders are also watching whether HYPE maintains its higher-high and higher-low structure. A weekly close below the 0.618 Fibonacci level near $34 would weaken that setup.

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