Grayscale: HYPE Still Underestimated, Forward Price-to-Earnings Ratio Around 15-18x

July 29th, Grayscale posted that HYPE's forward P/E ratio is about 15-18 times, and HyperliquidX has real cash flow, so it can be valued like a stock, but the valuation is based on the earnings per token, not per share. As a result, compared to fintech peers such as Coinbase, Robinhood, and Circle, it still appears to be priced affordably.

According to HTX market data, HYPE is currently trading at $55.