Coinbase’s USDC treasury role may add reserve income that could support future HYPE token purchases. HYPE supply may reach 270 million to 310 million tokens by the end of 2027. Grayscale said Hyperliquid’s HYPE token may still look inexpensive compared with listed fintech stocks, despite strong gains this year. The asset manager based its view on projected protocol earnings, token supply, and revenue growth through 2027. Based on its earnings and supply assumptions, Grayscale projected HYPE could generate between $3.25 and $3.75 in earnings per token in 2027.