Grayscale Sees Hyperliquid Undervalued as HYPE Faces VC Unstaking Pressure
Grayscale claims Hyperliquid's native token trades at a discount to traditional fintech stocks, projecting $1 billion in protocol earnings by 2027. Despite the bullish forward multiple of 15x to 18x, heavy VC unstaking and fund outflows continue to drag on short-term price action. Traders face a sharp divide between fundamental valuation and persistent overhead sell pressure.
Grayscale Research is making the fundamental case for Hyperliquid, arguing the token remains deeply undervalued compared to legacy fintech equities. Applying an earnings-per-token model, Head of Research Zach Pandl forecasts protocol earnings to hit $1 billion by 2027, driven by rebound trading volumes and stablecoin yield. At current prices near $54, that puts HYPE's forward multiple at just 15x to 18x.
Yet price action tells a far uglier short-term story as heavy institutional unstaking hangs over order books. Crypto funds Multicoin Capital and Paradigm unstaked roughly $291 million worth of tokens, with transfers heading straight to exchange desks. Combined with back-to-back weeks of spot fund outflows, overhead supply is smothering momentum despite Grayscale's bullish target.