Cryptocurrency venture capital firm Multicoin Capital published a bullish research report on June 29, arguing that the market significantly underestimates Hyperliquid's native token HYPE. Under a baseline scenario, it sets a target price of $319 for 2028, implying over 400% upside from HYPE's current price of around $63.
Multicoin Report Baseline Scenario: Annual Profit of $8 Billion by 2028
In the report, Multicoin explained its calculation: under the baseline scenario, Hyperliquid is estimated to generate an annual profit of approximately $8 billion by 2028. Applying a 20x P/E ratio, HYPE's fair value would be $319. The report also noted that $319 is conservative, as the model has yet to incorporate multiple potential catalysts, including the upcoming HIP-4 upgrade, HyperEVM, and the synergies for flagship products after the portfolio margin feature goes live.
Multicoin elevated Hyperliquid's positioning to that of an "everything exchange" capable of trading "anything," believing this key transformation has not yet been factored into market valuations.
2025: Hyperliquid Users Grew to 923,000, Annual Revenue Reached $873 Million
Data cited in the Multicoin report for 2025: Hyperliquid's user base surged from approximately 300,000 to 923,000; open interest tripled from $2 billion to $6 billion; total annual revenue reached approximately $873 million; and annual trading volume hit $2.9 trillion, solidifying its position as the world's largest decentralized derivatives exchange.
The HIP-3 tokenized stock perpetual contract market processed $1.4 billion in trading volume on SpaceX's listing day, accounting for roughly 30% of all HIP-3 trading volume that day.
Multicoin Has Been Accumulating HYPE Since February 2026
Multicoin stated in the report that it has been consistently buying HYPE since February 2026, and it has become one of the largest core holdings in its liquidity hedge fund. To demonstrate its bullish track record, the report recalled that the firm publicly turned bullish on BNB back in 2019 when it was around $10; BNB has now surpassed $550. Additionally, Multicoin was one of the earliest and most important supporters of the Solana ecosystem.
Frequently Asked Questions
How is Multicoin's HYPE target price of $319 calculated?
Multicoin explained in the report that under the baseline scenario, Hyperliquid's estimated annual profit by 2028 is approximately $8 billion. Using a 20x P/E ratio, the target price is $319, implying over 400% upside from the current price of around $63. The report noted that this target is conservative and does not yet include potential catalysts such as the HIP-4 upgrade, HyperEVM, and portfolio margin functionality.
How did Hyperliquid perform in 2025 in terms of key business metrics?
According to data cited in the Multicoin report, Hyperliquid's user base grew from approximately 300,000 to 923,000 in 2025, open interest tripled to $6 billion, total annual revenue reached approximately $873 million, and annual trading volume amounted to $2.9 trillion.
What is Multicoin's own position in HYPE?
Multicoin stated in the report that it has been buying HYPE since February 2026, and it has become one of the largest core holdings in its liquidity hedge fund.
