Grayscale released a research note indicating that Hyperliquid’s HYPE token may remain undervalued despite its gains this year. The asset manager expects Hyperliquid to generate roughly $1 billion in earnings by 2027, approximately 20% more than in 2025. Based on a price of $54 and projected earnings of $3.25 to $3.75 per token, HYPE trades at approximately 15 to 18 times projected earnings, a lower multiple than publicly traded fintech companies. Grayscale highlighted that the partnership with Coinbase for USDC treasury deployment creates an additional revenue stream for the protocol.
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