PANews June 26 news, according to The Block, Multicoin released a report saying that Hyperliquid is evolving from a decentralized perpetual contract exchange to an "all-in-one exchange," and its native token HYPE, currently priced around $63, is severely undervalued by the market. Multicoin gave a base case HYPE target price of $319 for 2028, expecting Hyperliquid's annual revenue to be about $8 billion by then, based on a 20x price-to-earnings ratio. Multicoin disclosed it has been actively buying HYPE since February, and it is now one of the largest positions in its liquid hedge fund.

The report noted that HYPE recently rose above $76 due to factors such as inflows into newly listed ETFs, strong revenue, and buyback programs, then fell back to $62.47 amid the market pullback. In 2025, Hyperliquid's user base grew from about 300,000 to 923,000, open interest increased from $2 billion to $6 billion, annual revenue reached about $873 million, and it processed $2.9 trillion in trading volume. Multicoin pointed out that its target price has not yet fully priced in catalysts such as HIP-4 and HyperEVM. Hyperion DeFi CEO Hyunsu Jung compared Hyperliquid's fully diluted valuation (once close to $75 billion) with the stock market capitalizations of exchanges like CME, Interactive Brokers, and Robinhood, arguing that Hyperliquid is transcending its positioning as a mere perpetual contract exchange.