Grayscale projects Hyperliquid could generate $1B in 2027 earnings. At $54, HYPE trades at 15-18x earnings, a discount to fintech stocks.
Grayscale estimates Hyperliquid could generate about $1 billion in 2027 earnings. The projection puts HYPE at a lower valuation multiple than comparable fintech stocks.
Zach Pandl, Grayscale's head of research, said in a note that Hyperliquid can be valued using protocol earnings. The token does not represent traditional equity shares. Grayscale applied an earnings-per-token framework, similar to how analysts calculate earnings per share for stocks.
The $1 billion earnings target for 2027 is about 20% higher than the firm's 2025 estimate. The growth relies on a recovery in crypto market analysis activity and a new revenue stream from a stablecoin partnership. Through the AQv2 partnership, Coinbase acts as Hyperliquid's official USDC treasury deployer. Reserve income from USDC flows partly to the protocol. The report said this creates a revenue stream that could support HYPE purchases.
The value accruing to each token depends on the circulating supply. Grayscale's model accounts for supply shifts. Staking emissions and contributor unlocks add to the pool. Fee-funded token burns subtract from it. The current float is about 270 million tokens.
Grayscale expects supply to reach between 270 million and 310 million by the end of 2027. The pace of contributor unlocks is the main variable. Core contributors are currently unlocking about 550,000 HYPE tokens per month. Grayscale modeled scenarios from the current pace to five times that amount.
Based on its earnings and supply estimates, Grayscale projects HYPE could generate between $3.25 and $3.75 in earnings per token in 2027. At the $54 price used in the analysis, HYPE trades at roughly 15 to 18 times projected earnings.
Pandl said that multiple appears inexpensive compared with publicly traded fintech companies. The token may still be undervalued despite its recent rally, he added.
The outlook depends on Hyperliquid maintaining strong trading activity and controlling token supply growth. The report listed weaker-than-expected protocol revenue and faster-than-expected supply growth as primary risks.
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