Grayscale(@Grayscale):$HYPE trades at a forward multiple of ~15-18x. @HyperliquidX has real cash flows, so it can be valued like a stock, but on earnings per token, not earnings per share. On that basis it still looks cheap versus fintech peers like $COIN, $HOOD and $CRCL. Learn more on the Stack:

Grayscale

@Grayscale

Grayscale, the world’s largest digital asset-focused investment platform // Terms:

Joined October 2014

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Grayscale@Grayscale

2026.07.28 20:00

$HYPE trades at a forward multiple of ~15-18x. @HyperliquidX has real cash flows, so it can be valued like a stock, but on earnings per token, not earnings per share. On that basis it still looks cheap versus fintech peers like $COIN, $HOOD and $CRCL. Learn more on the Stack: