HYPE Is Cheaper Than COIN, HOOD, CRCL, PYPL, Grayscale Argues—So Why Is PURR Going Down? - Coinbase Globa

Grayscale Head of Research Zach Pandl says HYPE looks cheap against every major fintech and crypto equity peer, projecting a 2027 earnings multiple of just 15 to 18 times at current prices.

Why Grayscale Thinks HYPE Looks Cheap In a research note published on Tuesday, Pandl applied traditional earnings analysis to Hyperliquid, as measured by Hyperliquid Strategies Inc (NASDAQ:PURR), using a framework he called earnings per token rather than earnings per share.

Grayscale projects Hyperliquid will generate roughly $1 billion in 2027 earnings, up approximately 20% from 2025, driven by an expected recovery in crypto trading volume and a new stablecoin partnership.

With roughly 270 million HYPE tokens currently in circulation and projected to reach 270 to 310 million by end of 2027, Pandl estimates earnings per token of $3.25 to $3.75.

HYPE vs Fintech and Crypto Equity Peers — 2027 Forward P/E The 15 to 18 times forward multiple sits well below every comparable in Grayscale's peer group except PayPal (NYSE:PYPL).