Grayscale: HYPE Undervalued Compared to FinTech Stocks, Expected Protocol Revenue to Reach $1 Billion by 2027

BlockBeats News, July 29th, Grayscale Research's latest report pointed out that the native token of Hyperliquid, HYPE, is still undervalued compared to Fintech companies. Research Director Zach Pandl used an "Earnings per Token (EPT)" valuation method similar to stock "Earnings per Share (EPS)" to estimate that Hyperliquid's protocol profit will reach approximately $1 billion by 2027, a growth of about 20% from 2025.

The report projects that by the end of 2027, the circulating supply of HYPE will increase to 270 million to 310 million tokens, corresponding to an Earnings per Token of approximately $3.25 to $3.75. Based on the current price of around $54, the forward Price-to-Earnings ratio of HYPE is estimated to be around 15 to 18 times, with Grayscale believing that its valuation is still below that of most Fintech companies.

However, the report also warns that slower-than-expected protocol revenue growth and rapid token supply expansion will be the main risks. Meanwhile, HYPE has retraced about 29% from its peak in June, with recent institutional unstaking and continuous outflows putting pressure on market sentiment.