Hyperliquid’s HYPE has fallen below $55 amid intense institutional selling pressure, but asset manager Grayscale still thinks the altcoin is extremely undervalued.
Grayscale’s Head of Research, Zach Pandl, said a similar model using earnings per share (EPS) from traditional valuation metrics, earnings per token (EPT), could also apply to HYPE.
According to him, Hyperliquid could generate $1 billion in revenue by the end of 2027. With an estimated total HYPE circulation of 270-310 million, this translates to $3.25-$3.75 or a valuation multiple of 15x to 18x, Pandl added,
At the current HYPE price of $54, the forward ‘earnings multiple’ for HYPE ranges from roughly 15 to 18x, suggesting the token may be undervalued compared to fintech stocks.
The above-mentioned chart showed that stocks affiliated with Circle, Coinbase, Robinhood, and others are trading at higher multiples of earnings.
Assuming HYPE could eventually trade at 35x or 40x valuation multiples like Coinbase’s COIN or Robinhood’s HOOD, that implies a price target of $113 to $150. Grayscale’s Pandl concluded:
Despite this year’s gains, Hyperliquid’s HYPE token still looks cheap compared to fintech stocks.
However, he noted that the projection could be invalidated if revenue falls below his expectations or token supply exceeds his estimates.
Hyperliquid: Will HYPE maintain its 2026 gains?
HYPE has nearly quadrupled in the first half of 2026, rising from $20 to $80, driven by US Spot ETF demand and institutional FOMO. However, it gave back some gains due to corporate selling and FUD.
Crypto VC firms Multicoin Capital and Selini Capital, in particular, are booking HYPE profits.
Notably, Multicoin Capital purchased over 1 million HYPE worth $59 million and deposited $4.78 million into Coinbase Prime. Last week, the company bought back another $120 million worth of shares. eerie Selling pressure is expected in the market.
Selini Capital also invested $26.8 million in HYPE on the OKX exchange on July 29.
US spot HYPE ETFs also lost $4.5 million in July; this was their first negative month since their debut in May. Interestingly, despite the exits Performance of HYPE ETFs It was relatively stronger compared to other spot crypto ETFs.
That said, if Hyperfluid (HYPE) If it loses $55, the next potential bottom price could be $48 and $45 (200-day moving average).
Separately, TradeXYZ, one of Hyperliquid’s dominant HIP-3 distributors, in question will compensate SK Hynix (SKHYNIX) investors affected following the liquidation of a $57.4 million price anomaly in long positions.
The company stated that the liquidations were due to the oracle price anomaly. For analysts, the move to compensate victims could also strengthen trust in the distributor and Hyperliquid.
Final Summary
- Grayscale said HYPE is undervalued at a valuation multiple of 15x-18x compared to Circle and Coinbase stocks, which are valued at over 30x.
- Institutional selling led by Multicoin Capital and US spot ETFs continues to reduce HYPE’s 2026 earnings.
