CoinShares Values Hyperliquid Token HYPE from $8 to $456 by 2031

CoinShares applied an equity-style scenario model to Hyperliquid’s native token HYPE, producing implied price targets for 2031 that range from about $8 in the bear case to roughly $456 in the bull case. The firm’s base case is $147 and the report applies a 30% optionality premium that raises the near-term implied price to $66.52.

The analysis was prepared by Luke Nolan, CoinShares’ senior Ethereum research associate. It models seven revenue streams across three growth scenarios and uses a price-to-fees multiple, a framework similar to a price-to-earnings ratio in stock analysis. The report sets multiples at 10x for the bear case, 15x for the base case and 20x for the bull case.

CoinShares reports HYPE’s price-to-fees ratio ranged roughly 7x to 25x over the past year and averaged about 12x, so the chosen multiples fall within recent trading history.

Under the bear scenario, which assumes stalled growth and loss of market share, the model implies a HYPE price near $8 by 2031, a cumulative outcome equivalent to about a 30% annualized loss. The base scenario, using the 15x multiple, yields an implied price around $147 for 2031, about a 25% annualized gain. The bull scenario assumes wider adoption of on-chain perpetual contracts and produces an implied price near $456, about a 57% annualized return.

The report applies an “optionality premium” of 30% for the current year to account for product launches and network effects not fully captured by the model. It cites HIP-4, Hyperliquid’s on-chain prediction markets feature launched May 2, as an example. The report notes prediction markets saw large volume in the first quarter and describes Hyperliquid’s integration of prediction markets with derivatives trading as functionality that adds upside beyond fee-based projections.

The CoinShares Altcoins ETF (ticker DIME) provides investor exposure to the sector and holds the CoinShares Hyperliquid Staking ETP as its second-largest position at nearly 13% of assets, according to the report. The ETF launched in October 2025, is actively managed, equally weighted, has a 0.00% expense ratio and rebalances quarterly.

The report frames its scenario approach as a method to translate projected platform fees into token valuations using fee multiples and treats optional future functionality as additional upside beyond base-case outputs.