Grayscale says HYPE remains undervalued

Grayscale assessed HYPE at around 15x to 18x forward price-to-earnings. The firm said Hyperliquid generates actual cash flow, making it possible to value the token like a stock, with the calculation based on earnings per token rather than earnings per share. Compared with fintech companies such as Coinbase, Robinhood and Circle, Grayscale said HYPE’s current valuation remains inexpensive.