Grayscale, one of the largest digital asset management firms, has released an assessment indicating that Hyperliquid’s native token, $HYPE, remains undervalued relative to traditional fintech companies. The firm applied a forward price-to-earnings (P/E) ratio of approximately 15x to 18x to the token, a valuation method typically reserved for equities.
Valuing a Token Like a Stock
Grayscale’s analysis hinges on the fact that Hyperliquid generates actual cash flow, a feature that sets it apart from many cryptocurrencies that lack fundamental revenue models. By calculating earnings on a per-token basis — analogous to earnings per share (EPS) in equity markets — the firm was able to derive a P/E ratio for $HYPE. This approach provides a more traditional financial framework for evaluating the token’s worth, moving beyond speculative metrics often used in the crypto space.
Comparative Undervaluation
In its report, Grayscale compared $HYPE’s current valuation to that of major fintech and crypto-exposed companies, including Coinbase (COIN), Robinhood (HOOD), and Circle. The firm concluded that $HYPE trades at a discount relative to these established players, suggesting room for price appreciation if the market adjusts its perception of Hyperliquid’s revenue-generating capabilities.
bitcoinworld.co.in