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Grayscale says HYPE trades at a lower valuation than fintech peers on token earnings basis

Grayscale says HYPE trades at a lower valuation than fintech peers on token earnings basis

Grayscale Research’s Zach Pandl said Hyperliquid’s cash flow supports an earnings-per-token approach, with HYPE near $54-$55 trading at about 15-18 times forward earnings amid revenue and token-supply risks.

HYPE

Fact Check
The official Grayscale X post (x.com/Grayscale/status/2081874338916278562) directly states HYPE ETF flows are accelerating relative to BTC, ETH, SOL, and XRP on an asset market cap basis, that BTC has the most consistent inflows, and that HYPE is off to a stronger start than BTC, SOL, and XRP at the same lifecycle point. This matches every element of the claim, including the market-cap-adjusted framing and the note that Bitcoin's inflows are the steadiest. The PANews secondary report corroborates and traces back to this same primary source.
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Summary

Hyperliquid’s native token HYPE appears undervalued relative to listed fintech peers such as Coinbase, Robinhood and Circle when assessed through an earnings-per-token framework, Grayscale Research said. Research head Zach Pandl said Hyperliquid generates real cash flow and projected about $1 billion in 2027 protocol profit, with HYPE near $54-$55 trading at roughly 15-18 times forward earnings. The analysis applies an equity-style valuation method to a crypto token by comparing price with expected protocol profit on a per-token basis, though Pandl cautioned that revenue volatility and token-supply dynamics could materially affect the thesis.

Terms & Concepts
  • forward price-to-earnings multiple: A valuation measure comparing an asset’s current price with its expected future earnings.
  • earnings per token: A token-based version of earnings per share that measures profit attributable to each token.
  • cash flow: The net amount of money a business or protocol generates from its operations.