Grayscale’s latest research report positions Hyperliquid’s HYPE token as undervalued relative to publicly traded fintech companies, igniting fresh interest in a trio of altcoins already tipped for accumulation ahead of August 2026. The crypto asset manager used an earnings-per-token framework to value HYPE, mirroring traditional equity analysis, and concluded that the token trades at a discount even after recent price gains.
Grayscale projects Hyperliquid could generate roughly $1 billion in revenue by 2027, a 20% increase over 2025 estimates, driven by recovering crypto trading activity and income from a strategic stablecoin alliance. Under the Aligned Quote Asset version 2 arrangement, Coinbase serves as the official USDC treasury manager on the network, with a portion of reserve returns flowing to the platform—potentially funding token buybacks. Against a circulating supply likely to settle between 270 million and 310 million tokens by end-2027, Grayscale calculates earnings of $3.25–$3.75 per unit. At a $54 reference price, the forward multiple stands at 15–18x. “This multiple is accessible compared to publicly traded fintech companies,” noted Zach Pandl, Grayscale’s Head of Research.
The analysis arrives as separate market commentary highlights Hyperliquid alongside Chainlink (LINK) and Solana (SOL) as promising altcoins to accumulate. Hyperliquid’s fee-funded Assistance Fund already buys HYPE from the open market, linking demand directly to protocol activity. Chainlink, meanwhile, continues to expand its institutional infrastructure for tokenization, offering data feeds, proof of reserve, and cross-chain interoperability—services critical for banks and asset managers moving traditional assets on-chain. Solana benefits from deep liquidity, growing investment products, and a supply profile that limits unlocking pressure, reinforcing long-term growth potential. Together, these fundamentals underpin the narrative that utility-driven projects could outperform as market conditions improve.
