Multicoin's HYPE valuation: ~$8B earnings by 2028, ~$319 target
Quote95 words
Quotes Multicoin's report: HYPE at ~$63 trades at ~36x TTM earnings, and a base case of ~$8B annual earnings by 2028 implies ~$319 at a 20x multiple. Adds his own call for $300+.
Key claims
HYPE at ~$63 trades at ~36x TTM earnings (~30x including the Coinbase/USDC deal)
Multicoin projects ~$8B annual earnings by 2028
Implied price ~$319 at 20x
Yes hyperliquid:native will go to $300+
And when it does, I hope you’re not still sidelined.
Quoting @multicoin here:
“At ~$63, HYPE trades at roughly 36x TTM earnings, or approximately 30x earnings including the now-live Coinbase/USDC agreement. Under our valuation frameworks and base case assumptions discussed in the full report, we project ~$8 billion in annual earnings by 2028, implying a price of ~$319 at a 20x multiple.
We believe Hyperliquid is becoming the everything exchange: a fully integrated, 24/7 exchange capable of trading any asset, anytime, anywhere, with durable token value capture.”
Study. Hyperliquid.
QUOTING @SpencerApplebau
1/ Today, @multicoin publishes our HYPE analysis and valuation HYPE is now one of our largest liquid fund positions and we've been accumulating aggressively since February Full report and disclosures in link. Link here - t.co/tA2kwWbG9Q
1/ Today, @multicoin publishes our HYPE analysis and valuation HYPE is now one of our largest liquid fund positions and we've been accumulating aggressively since February Full report and disclosures in link. Link here - t.co/tA2kwWbG9Q
How the call played out · since 25 Jun 2026
Prices as of 23 Oct 2026This piece takes a view on $HYPE, so that move is read against the call.
+23%
Moved with the call · over 4 months
- At publication
- $63.90
- Now
- $78.58
- vs BTC
- −8.2%
- After 1 month
- −10%
- After 3 months
- +47%
- High since
- +52% 23 Sep 2026
- Low since
- −18% 02 Aug 2026
Since then
Zero has written 11 more pieces on Hyperliquid and $HYPE since this one.
- State of Hyperliquid: two years after the airdrop (A1 Research report)Covers $HYPE
- Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venueBullish call on $HYPE
- Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersOn Hyperliquid
- Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueBullish call on $HYPE
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.