Grayscale projects HYPE 2027 EPS of $3.25-$3.75, putting the multiple at 15-18x, below fintech peers. A new stablecoin revenue stream is baked into the $1B earnings estimate.
Grayscale Head of Research Zach Pandl argued Tuesday that Hyperliquid (HYPE) trades at a discount to major fintech and crypto equities, projecting a 2027 earnings multiple of 15 to 18 times at current prices.
Pandl applied a traditional earnings framework to Hyperliquid Strategies Inc (NASDAQ: PURR), estimating the protocol will generate roughly $1 billion in 2027 earnings. That figure is up about 20% from 2025, driven by an expected recovery in crypto trading volume and a new stablecoin revenue stream, he wrote in a research note.
With roughly 270 million HYPE tokens in circulation and a projected range of 270 to 310 million by end of 2027, Pandl calculated earnings per token of $3.25 to $3.75. The resulting forward multiple sits below every comparable in his peer group except PayPal (NYSE: PYPL).
PYPL carries an Alpha Score of 53, Coinbase (COIN) 36, and Robinhood (HOOD) 37, per AlphaScala's proprietary metrics. Grayscale's peer set also included CRCL. HYPE's earnings are projected to grow faster than the median peer's roughly 80% over the 2025 to 2027 window, Pandl said, which makes the discount more pronounced on a growth-adjusted basis.
The stablecoin revenue stream is new. Under Hyperliquid's Aligned Quote Asset v2 infrastructure, a portion of stablecoin reserve income will flow directly to the protocol, adding a recurring layer on top of trading fees. That contribution is baked into the $1 billion 2027 estimate.
Pandl cited two risks: lower than expected network revenue growth and higher than expected token supply growth from contributor unlocks. Core contributors have been unlocking roughly 550,000 HYPE per month, and Grayscale modeled a range up to five times that rate in its supply projections.
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