🚨 HYPERLIQUID VALUATION ALERT Grayscale Research says $HYPE may still look cheap compared with major fintech companies. Its July 28 model estimates: • Roughly $1B in 2027 earnings • Approximately $3.25–$3.75 earned per HYPE • A forward multiple near 15–18x around $54 Confirmed evidence: Grayscale published the valuation framework on July 28, 2026. Still unknown: Whether revenue reaches the forecast, what future circulating supply will be, and whether token holders should value Assistance Fund purchases like corporate earnings. Bullish interpretation: Hyperliquid may be producing enough real fees to justify a higher valuation. Risk: HYPE is a token—not common stock—and token supply, governance, regulation and market structure could invalidate a traditional P/E comparison. The numbers are bullish. The assumptions still need receipts. #Hyperliquid #HYPE #Crypto #BTMMOB #BTMCNN