Overview
- Grayscale Research projects roughly $1 billion in Hyperliquid protocol earnings in 2027 and estimates earnings per token of about $3.25 to $3.75, which implies a forward multiple near 15–18 times at a $54 price.
- The firm models HYPE circulating supply between about 270 million and 310 million tokens by end-2027 and flags contributor unlocks and staking emissions as the main dilution risk after noting current core contributor unlocks run near 550,000 HYPE per month.
- Grayscale counts a new recurring revenue channel from Hyperliquid’s Aligned Quote Asset v2, under which Coinbase acts as a USDC treasury deployer and part of stablecoin reserve income flows back to the protocol.
- Market forces have pressured HYPE’s price recently, with large institutional unstaking and transfers by firms such as Multicoin, Paradigm and Selini and net outflows from spot HYPE funds and U.S. spot ETFs contributing to a pullback to about $54 and identified support zones between roughly $47–$54 and $38–$43.
- The valuation gap creates two clear paths: if trading volumes recover and buybacks offset unlocks HYPE could re-rate toward fintech multiples, but continued fund outflows and faster token unlocks would likely erode per-token earnings and push prices lower, affecting retail holders and funds with HYPE exposure.