Grayscale Investments he emphasized that: EXCITE linked token hyperfluid Protocol continues to look attractively priced relative to publicly traded ones fintech Even after the companies’ significant price increase earlier this year.
Review is coming Zach PandlThe firm’s head of research said in a recent note published in the company’s announcement. research platform.
Hyperliquid stands out decentralized The platform has consistently focused on futures trading.
Unlike traditional companies, it does not issue shares. Instead, the value generated by trading activity on the network flows to holders of the native HYPE token.
Analysts at Grayscale claim that advanceThe -flow dynamic allows the token to be valued in a way that is comparable to traditional stocks, using an adapted metric called earnings per token rather than earnings per share.
Under their framework, the research team projects: hyperfluid Roughly one billion dollars in earnings could be achieved by 2027.
This figure represents an increase of approximately 20 percent over estimated 2025 levels.
Growth is expected to be driven by a recovery in overall cryptocurrency trading volumes and newly introduced additional revenue streams. stablecoin adjustment.
Some of the revenue from stablecoin reserves is expected to flow back into the protocol as part of the updated infrastructure design. Token supply considerations also play a central role in this. analysis.
Circulating HYPE is currently close to 270 million units.
While the supply can expand through staking rewards and the planned release of tokens held by core contributors, protocol fee burns work in the opposite direction by reducing the total.
Grayscale predicts that by the end of 2027, the circulating supply will fall to between 270 million and 310 million tokens.
The range depends largely on the participant’s unlocking speed.
Core team members publish approximately 550,000 HYPEs each month; The firm’s models examine scenarios ranging from a continuation of this pace to five times the current pace.
Combining earnings estimates with the projected supply range produces earnings per estimate.token For 2027, this figure is between $3.25 and $3.75. At the $54 reference price used in the study, this represents approximately 15 to 18 times forward earnings.
According to Pandl, this valuation seems very modest compared to that of comparable publicly traded fintech firms.
Therefore, the research note concludes that HYPE may still be undervalued relative to its traditional market peers.
The analysis is not without caveats.
Potential risks include weaker than expected growth in network revenue or faster network expansion. token greater supply than currently modelled.
Even so, the underlying message is clear: despite the gains HYPE has already recorded this year, the token continues to look cheap compared to others. fintech stocks.
This perspective provides institutional attention decentralized Trading platforms are on the rise, with multiple exchange-traded products now exposed to HYPE. Grayscale’s revenue-based approach provides A structured method for investors who want to evaluate the token’s fundamentals beyond pure Sunday acceleration.
