Grayscale Finds Hyperliquid's HYPE Token Undervalued via Equity Metrics

Grayscale Research has released a valuation assessment claiming that Hyperliquid's native token, HYPE, is currently undervalued when compared to traditional fintech equities. The analysis marks a shift toward applying institutional financial frameworks to digital assets that generate operational revenue.

To reach this conclusion, Grayscale applied a traditional equity valuation model, specifically utilizing a forward price-to-earnings (P/E) ratio of approximately 15x to 18x for the HYPE token. This approach was made possible by Hyperliquid's ability to generate actual cash flow, which allowed the firm to calculate per-token earnings in a manner analogous to earnings per share (EPS) used in the stock market. According to the research, HYPE trades at a discount relative to established fintech and crypto-exposed companies, including Coinbase (COIN), Robinhood (HOOD), and Circle.

Bridging Crypto and TradFi

Hyperliquid operates as a blockchain protocol that differs from many speculative cryptocurrencies by producing consistent operational revenue. By treating the protocol as a business entity rather than a speculative asset, Grayscale is attempting to bridge the gap between volatile crypto trading and disciplined financial analysis. This methodology treats the token not merely as a digital collectible or utility tool, but as a claim on the economic output of the underlying network.

Institutional Implications

This analysis signals a maturing of the crypto asset class, suggesting that sustainable revenue models are beginning to be valued similarly to software companies or financial exchanges. For the broader market, the introduction of structured, equity-like valuation frameworks may lower the barrier to entry for institutional investors. These entities typically rely on familiar metrics, such as P/E ratios, to allocate capital and manage risk, and the adoption of these standards provides a legible roadmap for professional portfolio managers.

The Path Forward

As more protocols move toward transparent, revenue-generating models, the industry may see a wider adoption of these fundamental analysis tools. Investors will likely watch whether other major asset managers adopt similar P/E-based frameworks for other protocols, or if the inherent volatility of the crypto market continues to resist traditional equity pricing. For now, Grayscale's assessment positions HYPE as a primary example of how cash-flow-positive protocols can be benchmarked against the global fintech landscape.