Grayscale Head of Research Zach Pandl says HYPE looks cheap against every major fintech and crypto equity peer, projecting a 2027 earnings multiple of just 15 to 18 times at current prices.
Why Grayscale Thinks HYPE Looks Cheap
In a research note published on Tuesday, Pandl applied traditional earnings analysis to Hyperliquid, as measured by Hyperliquid Strategies Inc (NASDAQ:PURR), using a framework he called earnings per token rather than earnings per share.
Grayscale projects Hyperliquid will generate roughly $1 billion in 2027 earnings, up approximately 20% from 2025, driven by an expected recovery in crypto trading volume and a new stablecoin partnership.
With roughly 270 million HYPE tokens currently in circulation and projected to reach 270 to 310 million by end of 2027, Pandl estimates earnings per token of $3.25 to $3.75.
HYPE vs Fintech and Crypto Equity Peers — 2027 Forward P/E
The 15 to 18 times forward multiple sits well below every comparable in Grayscale’s peer group except PayPal (NYSE:PYPL).
HYPE’s earnings are also projected to grow faster than the median peer’s roughly 80% over the 2025 to 2027 window, making the discount even more pronounced on a growth-adjusted basis.
| Company / Token | 2027 Forward Multiple | vs HYPE |
| Circle (NYSE:CRCL) | ~40x | 2.4x more expensive than HYPE |
| Coinbase (NASDAQ:COIN) | ~36x | 2.2x more expensive than HYPE |
| Robinhood (NASDAQ:HOOD) | ~35x | 2.1x more expensive than HYPE |
| Interactive Brokers (NASDAQ:IBKR) | ~29x | 1.8x more expensive than HYPE |
| HYPE (current) | 15 to 18x | Cheapest in the peer group except PYPL |
| PayPal (NASDAQ:PYPL) | ~10x | Below HYPE |
HYPE lands just above PayPal at the bottom of the peer range.
The key difference is growth — Hyperliquid’s earnings are projected to grow faster than PayPal’s over 2025 to 2027, which strengthens Grayscale’s argument that HYPE deserves a higher multiple than where it currently trades.
What The Stablecoin Partnership Adds
Grayscale flagged a new stablecoin revenue stream as part of its earnings projection.
Under Hyperliquid’s Aligned Quote Asset v2 infrastructure, a portion of stablecoin reserve income will flow directly to the protocol, adding a recurring revenue layer on top of trading fees. That contribution is baked into the $1 billion 2027 estimate.
The main risks Pandl cited are 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.
Key HYPE Levels — July 29, 2026
| Type | Price | Role |
| Resistance | $56.99 | 200-day EMA, first ceiling above |
| Resistance | $60.10 | 20-day EMA, part of dense overhead cluster |
| Resistance | $61.24 | 50-day EMA, top of resistance cluster |
| Current Price | $54.70 | Below all three EMAs |
| Support | $52.66 | Last significant floor — daily close below opens price discovery |
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