Grayscale Says HYPE Still Looks Cheap Against Fintech Stocks

Grayscale Research says Hyperliquid (HYPE) may be undervalued against fintech equities. 

The asset manager argues that the token can be valued based on cash flows, like a stock, and, on that basis, it looks cheap.

Grayscale Builds Its Case on a $1 Billion Hyperliquid Earnings Assumption

In a note published Tuesday, Head of Research Zach Pandl valued HYPE using an “earnings per token” method. The approach adapts the earnings-per-share metric used for stocks, since Hyperliquid issues no shares.

Grayscale assumes Hyperliquid will earn roughly $1 billion in 2027, up about 20% from 2025. The firm expects recovering crypto trading volumes and stablecoin reserve income under Hyperliquid’s Aligned Quote Asset framework to drive the growth.

Pandl estimates the circulating supply will reach 270 million to 310 million tokens by the end of 2027. That produces projected earnings of $3.25 to $3.75 per token. At $54, the resulting forward multiple sits at roughly 15x to 18x.

“Despite the gains in Hyperliquid’s HYPE token this year, it still looks cheap compared to fintech equities,” the note read.

Pandl flagged weaker network revenue growth and faster token supply growth as the main risks to the forecast.

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HYPE Token Price Slides 29% From June Peak

The valuation call arrives during a difficult stretch for the token. HYPE has dropped over 13% in the past month, diverging from large-cap assets that held gains.

At press time, the token traded near $54, roughly 29% from its all-time high set in mid-June.

Institutional unstaking and fund outflows have pressured the token through July. Multicoin Capital and Paradigm unstaked around $291 million in HYPE last week.

Multicoin Capital sent a portion of its $120M $HYPE previously unstaked to Coinbase.The fund received 1.29M $HYPE (~$71.1M) from Hyperliquid after unstaking previously.Shortly after, Multicoin moved 101.34K $HYPE (~$5.60M) to Coinbase.ℹ️ Do you know: Hyperliquid has 7 day… pic.twitter.com/u1EjOeCf3D

— Onchain Lens (@OnchainLens) July 28, 2026

At the same time, Spot HYPE funds posted $8.6 million in outflows last week, their second straight weekly loss, while assets fell 18% from a July 10 peak.

While Grayscale maintains that HYPE remains undervalued relative to fintech peers, the token continues to face near-term headwinds. 

Slowing institutional demand and large-scale unstaking could weigh on sentiment, suggesting Hyperliquid’s long-term valuation thesis will depend on whether the protocol can deliver the revenue growth underpinning Grayscale’s forecasts.

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