Overview
- Multicoin published a research report on June 25 that sets a base‑case price target of $319 for HYPE by 2028 and disclosed it has been accumulating HYPE since February while imposing a three‑day no‑trade policy after the report.
- The valuation rests on Multicoin’s projection that Hyperliquid could generate about $8 billion in annual earnings by 2028 and trade at roughly a 20x earnings multiple to reach the $319 target.
- Multicoin cites Hyperliquid’s 2025 results — roughly $873 million in revenue, about $2.9 trillion in trading volume, a near tripling of users, and a jump in open interest — as the operational foundation for its model.
- Protocol design is central to the thesis because roughly 99% of protocol revenue is used to buy back HYPE and remove those tokens from circulation, while HIP‑3 lets third parties launch perpetuals tied to stocks and other real‑world assets that already show billions in open interest.
- The report warns key risks that could derail the outlook, including regulatory scrutiny, governance and decentralization issues, competition and potential bad‑debt losses, and notes that continued buybacks, ETF flows and institutional demand will shape near‑term liquidity and volatility.