Grayscale says HYPE remains cheap compared with fintech stocks

Grayscale said Hyperliquid’s HYPE token may remain undervalued despite its gains this year when compared with publicly traded fintech companies. In a research note, Zach Pandl, Grayscale’s head of research, said Hyperliquid can be valued using protocol earnings despite not issuing traditional shares. The asset manager applied an earnings per token framework similar to the earnings per share metric used for equities. Grayscale expects Hyperliquid to generate about $1 billion in earnings in 2027, roughly 20% more than in 2025, supported by a recovery in crypto trading activity and additional income from a new stablecoin partnership. Through Hyperliquid’s Aligned Quote Asset version 2 partnership, Coinbase serves as the network’s official USDC treasury deployer, directing part of the reserve income generated by USDC to the protocol and creating an additional revenue stream that could support HYPE purchases. The value accruing to each token will also depend on changes in HYPE’s circulating supply. Staking emissions and contributor unlocks increase supply, while fee funded token burns reduce it. About 270 million HYPE tokens are currently in circulation. Grayscale expects circulating su...