Multicoin: Raises HYPE's 2028 Price Target to $319

BlockBeats News, June 26th, Multicoin Capital released a research report stating that it established a significant position in HYPE at the beginning of this year and has been continuously increasing its holdings. Currently, HYPE has become one of the largest positions in its liquid fund. The report believes that Hyperliquid is the most representative practice of the "Open Finance" concept, creating a unified platform for trading any asset by integrating Layer1 blockchain with a decentralized exchange (DEX). By 2025, Hyperliquid is projected to achieve approximately $8.73 billion in revenue, a cumulative trading volume of around $29 trillion, an increase in users to 923,000, an open interest (OI) of $6 billion, currently holding over 59% market share in the DeFi perpetual contract market, and starting to continuously capture market share from centralized exchanges (CEX).

The report points out that Hyperliquid is accelerating its evolution towards an "Everything Exchange." With the advancement of HIP-3 and HIP-4 upgrades, the platform has gradually expanded to cover traditional assets such as stocks, commodities, gold, crude oil, the S&P 500 index, and will further support prediction markets, options, and more financial products. At the same time, the HyperEVM ecosystem will facilitate applications like lending, structured products to access the Hyperliquid liquidity network, leveraging a unified margin system and risk engine to enable cross-asset trading, further expanding the range of tradable assets and market size.

The report believes that Hyperliquid's development trajectory is highly similar to Binance's early days but with structural advantages such as non-custodial, on-chain transparent execution, and protocol revenue directly used for daily HYPE buybacks. Currently, about 99% of the protocol revenue is used for HYPE buybacks, and the protocol has no external shareholders or venture capital firms sharing profits, making the token value capture mechanism more direct. At the current price of around $63, HYPE corresponds to approximately 36 times the past 12 months' price-to-earnings ratio. The projected 2028 annual profit of Hyperliquid is expected to reach about $8 billion. Assuming a 20 times price-to-earnings ratio, the corresponding target price for HYPE is around $319.