Key Takeaways
- • Multicoin Capital projects Hyperliquid's HYPE token will reach $319 by 2028, representing approximately 400% upside from current levels near $64, based on a base-case scenario assuming $8 billion in annual earnings and a 20x earnings multiple.
- • Hyperliquid demonstrated exceptional 2025 growth, generating $873 million in revenue from $2.9 trillion in trading volume while expanding its user base from 301,000 to 923,000 users and growing open interest from $2 billion to $6 billion.
- • The decentralized exchange now commands 59% of all decentralized perpetual futures open interest with $9.6 billion in outstanding open interest, exceeding its largest on-chain competitors combined.
- • Multicoin disclosed it began accumulating HYPE in February and implemented a three-day no-trade policy after publishing its report, positioning HYPE as one of the largest holdings in its liquid fund.
- • Despite the bullish thesis, Multicoin explicitly warned that regulatory pressure, intensifying competition, governance risks, and a bearish double-top chart pattern pose material downside risks to the projection.
Summary
Multicoin Capital has issued a bullish valuation thesis for Hyperliquid's HYPE token, projecting a $319 price target by 2028—roughly fivefold appreciation from current levels near $64. The projection is grounded in a base-case scenario where Hyperliquid generates approximately $8 billion in annual earnings by 2028 and trades at a 20x earnings multiple, implying nearly 400% upside. Notably, Multicoin disclosed that it began accumulating HYPE in February and has positioned the token as one of the largest positions in its liquid hedge fund, while adopting a three-day no-trade policy following the report's publication.
Multicoin's conviction rests substantially on Hyperliquid's demonstrated operational momentum during 2025. The decentralized exchange generated $873 million in annual revenue from approximately $2.9 trillion in trading volume, while simultaneously expanding its user base from roughly 301,000 to 923,000 users—a threefold increase. Open interest surged from $2 billion to $6 billion during the same period. Current market data cited in the report show Hyperliquid commanding over 59% of decentralized perpetual futures open interest, with outstanding open interest reaching approximately $9.6 billion, exceeding the combined open interest of its largest on-chain competitors.
The firm identified HIP-3, token buyback mechanisms, and expanding perpetual futures activity as key catalysts for continued growth. However, Multicoin tempered its optimism by explicitly flagging multiple structural and market risks that could materially undermine the thesis. The firm warned that regulatory scrutiny, competitive pressures from both decentralized and centralized exchanges, governance risks, and a bearish double-top pattern in HYPE's technical chart present substantive headwinds. Multicoin also provided bear and bull scenarios, with the bear case valuing HYPE at $109 and the bull case at $689, acknowledging the wide range of potential outcomes and the speculative nature of the 2028 projection.
Multicoin's conviction rests substantially on Hyperliquid's demonstrated operational momentum during 2025. The decentralized exchange generated $873 million in annual revenue from approximately $2.9 trillion in trading volume, while simultaneously expanding its user base from roughly 301,000 to 923,000 users—a threefold increase. Open interest surged from $2 billion to $6 billion during the same period. Current market data cited in the report show Hyperliquid commanding over 59% of decentralized perpetual futures open interest, with outstanding open interest reaching approximately $9.6 billion, exceeding the combined open interest of its largest on-chain competitors.
The firm identified HIP-3, token buyback mechanisms, and expanding perpetual futures activity as key catalysts for continued growth. However, Multicoin tempered its optimism by explicitly flagging multiple structural and market risks that could materially undermine the thesis. The firm warned that regulatory scrutiny, competitive pressures from both decentralized and centralized exchanges, governance risks, and a bearish double-top pattern in HYPE's technical chart present substantive headwinds. Multicoin also provided bear and bull scenarios, with the bear case valuing HYPE at $109 and the bull case at $689, acknowledging the wide range of potential outcomes and the speculative nature of the 2028 projection.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.