Grayscale, a major digital asset manager, has valued Hyperliquid’s native token HYPE using a traditional equity framework, arguing it remains undervalued compared to fintech firms like Coinbase, Robinhood, and Circle. The firm applied a forward price-to-earnings ratio of 15x to 18x to the token, based on projected 2027 earnings of $1 billion and a circulating supply of 270–310 million HYPE — translating to $3.25–$3.75 in earnings per token. This earnings-per-token approach mirrors the earnings-per-share metric used in stock markets, a novelty for crypto assets with genuine cash flows.
The analysis comes at a turbulent time for HYPE. The token recently lost the $57 support level, a zone that housed the 100-day moving average and a key Fibonacci retracement, turning it into resistance. Exchange-traded fund flows, which had been consistently positive from May to early July, flipped negative by mid-July and continued with outflows of $8.61 million in the latest full week, plus further withdrawals this week. Grayscale’s model suggests a disconnect: while the long-term valuation case appears compelling, short-term positioning has become defensive.
Technically, a daily close above $57.3 would reclaim the breakdown area, but a move above $64 (50-day MA) is needed to challenge the downtrend. Failure to hold the next support near $52 could expose the $45 region. The divergence highlights a classic tension between fundamental value and market sentiment, with Grayscale’s framework offering institutions a familiar lens for assessing Hyperliquid’s revenue potential.
