HYPE Token Undervalued vs Fintech Peers Amid $1B Revenue Outlook

Woofun AI reports that Grayscale identifies the HYPE token as undervalued relative to publicly traded fintech stocks, attributing this disparity to Hyperliquid’s projected financial trajectory and unique capital structure.

The valuation methodology employs an earnings-per-token framework, mirroring traditional earnings-per-share metrics despite the absence of corporate shares. Operating income serves as the basis for these calculations, with projections indicating Hyperliquid could generate $1 billion in revenue by 2027. This figure represents a 20% increase over 2025 estimates, fueled by recovering cryptocurrency trading activity and revenue from a strategic stablecoin alliance.

Structurally, cash flow is augmented through the Aligned Quote Asset version 2 agreement, where Coinbase manages the USDC treasury. Returns generated from USDC reserves are channeled to the platform, creating complementary cash flow potentially used for token repurchases in the secondary market. Consequently, value accrual for holders hinges on changes in circulating supply rather than traditional dividend mechanisms.

Per Woofun AI, the current supply of 270 million units faces opposing pressures: staking emissions and contributor unlocks increase availability, while transaction fees fund token burning. Core contributors currently release nearly 550,000 tokens monthly, but Grayscale models scenarios ranging from this baseline to a fivefold increase in unlocking speed. By the end of 2027, the circulating supply is anticipated to settle between 270 million and 310 million tokens.

Financial metrics derived from these inputs suggest earnings per unit could reach $3.25 to $3.75 by 2027. At the study’s referenced price of $54, the asset trades at 15 to 18 times projected earnings. Zach Pandl, Head of Research at Grayscale, notes this multiple presents a relative discount compared to publicly traded fintech companies, even after recent price gains.

Sustaining this valuation requires Hyperliquid to maintain high volume in commercial operations while containing circulating supply growth. Key risks include lower-than-anticipated protocol revenue or a faster-than-estimated token unlocking rate by the end of 2027, which could erode the projected earnings multiple.