TL;DR:
- The current circulating supply of the Hyperliquid protocol is approximately 270 million HYPE tokens.
- Core project contributors release nearly 550,000 units monthly through their allocation schedule.
- The Aligned Quote Asset version 2 integration establishes Coinbase as the official issuer for the USDC treasury on the network.
Investment firm Grayscale presented an analysis of the financial structure of the HYPE token in the decentralized derivatives market. The asset manager’s estimate indicates that the asset maintains a moderate valuation level compared to typical metrics of publicly traded financial technology companies.
The firm used a methodology to evaluate the protocol through an earnings-per-token framework, similar to the earnings-per-share indicator used in traditional stock markets. While Hyperliquid does not issue traditional corporate shares, the firm highlights in its report that its operating income allows for calculating comparable financial metrics.
Grayscale’s projections for 2027, according to its report, indicate that the protocol could generate around $1 billion in revenue. This volume would represent an approximate 20% increase over the estimated figures for 2025. According to the firm, this performance would be supported by a recovery in cryptocurrency trading activity and additional revenue derived from its strategic stablecoin alliance.
Through the agreement known as Aligned Quote Asset version 2, Coinbase acts as the official manager of the USDC treasury on the network. Protocol documentation indicates that a portion of the returns generated by the USDC reserves are channeled to the platform, creating a complementary cash flow that could be used for token repurchases in the secondary market.
Supply dynamics and projected performance metrics
Value accrual for individual holders will depend on changes in the asset’s circulating supply. The current supply of 270 million units is subject to two opposing forces within the Hyperliquid ecosystem.
On one hand, staking emissions and contributor unlocks increase the number of available tokens. On the other hand, token burning funded by transaction fees reduces the circulating mass. Grayscale analysts anticipate that the circulating supply could be between 270 million and 310 million tokens by the end of 2027.
Currently, core contributors release nearly 550,000 tokens each month. To evaluate different scenarios, Grayscale’s model considered ranging from the current emission rate to a fivefold increase in that unlocking speed during the analysis period.
Based on these revenue and supply estimates, Grayscale’s report calculates that the token could generate between $3.25 and $3.75 in earnings per unit by 2027. Using the $54 price referenced in the study, the asset is trading at 15 to 18 times its projected earnings.
Zach Pandl, Head of Research at Grayscale, indicated in the report that this multiple is accessible compared to publicly traded fintech companies. Data from the study suggest that the token price could continue to reflect a relative discount despite its recent price gains in the market.
Maintaining this forward-looking scenario will depend on Hyperliquid maintaining a high volume in its commercial operations and containing the growth of the circulating supply. Risk factors identified by the firm include the possibility of lower-than-anticipated protocol revenue and a faster-than-estimated token unlocking rate by the end of 2027.
